Netherland-based food retail chain Spar International has signed a partnership with Bangchak Retail Company (BCR) for the expansion of its retail presence into Thailand.
This agreement will see a €74m investment to establish 300 new Spar stores by the end of 2020.
Spar International operates more than 12,100 stores across various countries and recorded retail sales of €33bn last year.
This year, BCR intends to open seven new stores, offering flagship convenience and neighbourhood developments.
The company has plans to open between 50 and 80 stores each year over the next five years.
Through this expansion, BCR expects to create 2,500 jobs and achieve sales of €245m by 2020.
Spar International managing director Tobias Wasmuht said: "The launch of Spar in Thailand in partnership with BCR represents a significant and important step forward in Spar’s ongoing expansion into Asian markets.
"It brings together our internationally tried and tested retail expertise particularly in convenience and supermarket formats with the extensive knowledge of the Thai market.
"The partnership is a true example of the SPAR ethos in which through working together all shall benefit.”
The BCR operations of the new project are being led by its managing director Viboon Wongsakul.
Wongsakul said: “SPAR and BCR share many key values such as a dedication to growth, a commitment to local suppliers, supporting communities and offering diverse retail solutions.
"We plan to bring local retailing to the next level and will dedicate the resources necessary to have a significant presence in the market in the shortest possible time-frame.”
This year's new store development will focus on ability to locally source produce and goods.
Image: A Spar outlet in Thailand. Photo: courtesy of Spar International.