CRC proves successful transformation, staking its claim as number one Digital First, Omni-Centric retailer
Bangkok 11 November 2021: Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation PCL (CRC) announced that Central Retail has successfully transformed, driving an omni-centric culture and a digital first mindset across every aspect of the company. Building on a strong foundation as the first mover in omnichannel platforms, CRC continues to deliver the most seamless customer experiences across three markets and all its business units. Today, CRC marks many successes that have enabled the company to stay leaps ahead of the market, build from strength to strength, and shape its digital future:
Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation PCL (CRC)
- Standardise and synergise online platforms across all 14 business units within a short period of 17 months
- Central App surpassed four million downloads within less than a year of its launch
- Sales through omnichannel platforms increased 4-fold in 2019, with omnichannel now accounting for 20% of all sales
- Successfully connect customers to omnichannel platforms, speeding up growth by 600% and boosting spend by five times compared to spend of single channel customers
- Redefine next-level standards of convenience via quick commerce services, fulfilling orders within one hour
- Rejuvenate and digitise retail spaces of 3.2 million square metres across three countries, creating omni-lifestyle experiences
Achievements in CRC’s Digital Retail transformation
Mr. Yol reinforced 4 key drivers of transformation towards Digital Retail
- Build a purpose-led organisation by staying committed to being Central to Life for customers, partners, shareholders and communities by fulfilling their every need and enriching everyday life with innovative and meaningful experiences
- Invest in our people’s potential by reinventing work culture and inspiring a digital first mindset, equipping over 50,000 employees with the firepower to take on the Industry 5.0 era and work with an omni-centric approach to deliver the best experiences to modern customers
- Create a future-fit organisation by investing over 31,000 million baht to develop Central Retail Ecosystem with state-of-the-art infrastructure and omnichannel capabilities that merge offline and online worlds seamlessly
- Develop online platforms including websites, quick commerce and mobile applications (Central Super App and Tops Online)
- Speed up expansions and renovations of physical stores, integrating new technologies such as robotics and AI to deliver on innovative retail experiences
- Pioneer hyper-accessibility for all customer segments via social commerce such as ‘Personal Shopper for Everyone’ services and Smart Cashless Payment system with Dolfin Wallet
- Synergise the strengths of our network across the nation to build a world-leading supply chain and logistics ecosystem that enables flexible inventory flow and unlocks speedy delivery. The move was built on the intention that if customers could commit one hour of their time to visit our department stores, Central Retail should be able to deliver within one hour’s time as well.
CRC’s seamless ecosystem powered by digital
- Strategically shift its business portfolio into a fast-growing space to enable sustainable growth
- In fashion: Build a destination for premium brands around the world by leveraging partnerships with world-leading vendors and synergy with Central Retail Europe to diversify product offerings and answer to the needs of premium lifestyle segments
- In hardline and food: Expand our presence in Thailand’s and Vietnam’s mass market segment and pave way for leadership in the hardline segment with Thai Watsadu as the flagship brand, which is now competing neck to neck with market leaders. A new format store has also been launched under go! WOW to bring daily home conveniences to enable customers with better access to products and services anywhere, any time.
Quarter three of 2021 was one of CRC’s most challenging times. Despite these unimaginable turbulences, the company charges ahead with strength, resilience and optimism. Even when a majority of our businesses in Thailand were closed for over 51 days and Vietnam closed for almost the entire quarter, CRC’s omnichannel platforms have been the defining assets that allowed customers to conveniently access shopping experiences during the pandemic. In light of the ongoing events, the group’s revenue for Q3/2021 amounted to 41,482 million baht (-10.6%QoQ) EBITDA 2,541 million baht (-37.8% QoQ). In this year, we have pushed forward by investing in expansion, the development of platforms, strategic acquisitions and support for our tenants during times of crisis, which has temporarily impacted our profits in the third quarter and incurred a loss of profit by 2,220 million baht.
“Central Retail has successfully proven the transformation of the organisation with speed, strength and clarity in its vision. And in times of crisis, the perfect storm has brought us the perfect opportunity to do better. From now until next year, we are confident the business will achieve a strong momentum, especially with Thailand’s reopening and customers returning to our physical stores with our elevated safety measures. We will continue with our expansion plans in Thailand, Vietnam and Italy and aim to mark our success as the world’s leading Digital Retail by 2025,” concluded Mr. Yol.