Approximately 200 FamilyMart stores across Thailand will be transformed into supermarket chains owned by Central Group, called Tops Daily for the rest of 2023.
Heaptalk, Jakarta — Japanese convenience store company, FamilyMart is reportedly closing its store chain in Thailand following the expiration of its franchise agreement with Central Group in May 2023.
Further, approximately 200 FamilyMart stores across Thailand will be transformed into supermarket chains owned by Central Group, called Tops Daily for the rest of 2023, as reported by Nikkei Asia.
The company expanded its store chain in Thailand in 1992 by establishing a joint venture. A year later, it opened its first store. The ties between FamilyMart and Central Group started in 2012 when the Central Group subsidiary, Central Retail, bought a 51% stake in Japan FamilyMart Co.
In 2020, Central Retail added its ownership by 49%, making all FamilyMart shares in Thailand officially switch to the retail company according to the Kontan report. Previously, the franchise store company operated around 1,000 stores in the country. However, the number of stores has been reduced since the covid-19 pandemic leaving around 200 stores.
Taking fourth place in Thailand’s market
FamilyMart claimed that the closure of the store in Thailand will not affect its overseas business expansion ambitions. “There is no change in our aggressive pursuit of business overseas, and we will continue to expand even more,” stated the company as cited by Nikkei Asia.
In Thailand’s convenience store market, the company took fourth place while 7-Eleven ranked first based on a Statista report in September 2022. Operated by Charoen Pokphand Group, 7-Eleven dominates the market by running over 13,000 stores, approximately 80% of the market.
The convenience store chain operates a total of 24,329 stores globally as of July 31, 2023. In Japan, FamilyMart operates 16,513 stores while overseas, there are 7,816 stores operating.
