Guided by the Business Philosophy "CRC Care," Central Retail Corporation has grown alongside the Thai people for more than 80 years
Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited (CRC), stated that Central Retail is committed to creating a fully integrated ecosystem as a "Platform of Trust" that effectively addresses people's lives and builds trust with all stakeholders. We have a clear brand purpose of being "Central to Life" in every country in which we operate and have achieved solid success through the business philosophy of "CRC Care," which represents our commitment to nurturing and elevating every sector for sustainable growth. This philosophy incorporates seven main dimensions as follows:
- Care for the Economy: Central Retail invests in expanding its business and continuously developing new models to foster prosperity throughout Thailand. It particularly focuses on second-tier cities, aiming to strengthen them to be as vibrant as major cities. By unlocking the potential of second-tier cities, this approach encourages investment, job creation, skills development, and increased spending and tourism, benefiting both residents and nearby provinces. The company also actively contributes to creating a better society and environment, thus concretely reducing inequality while promoting continuous economic growth at the provincial, regional, and national levels.
- Care for the Customer: Central Retail consistently places the customer at the core of its business operations. It continually enhances its Next-Gen Omnichannel platform to meet customer needs seamlessly, ensuring the best shopping experience and highest value. This commitment extends to over 20 million customers through The 1 Loyalty Platform, which offers various marketing activities, promotional campaigns, and special privileges.
- Care for the Partner: Central Retail provides diverse sales channels for partners to reach an even wider customer base. The company supports Thai brands in selling their products at Central Retail stores in Vietnam and Italy, fostering inclusive growth through collaborations with various partners. Most notably, the successful spin-off of MEB on the mai market will contribute to the sustainable growth of MEB, a significant asset for Thailand.
- Care for the People: Central Retail strives to create a workplace that is "A Great Place to Work," where more than 80,000 employees can work joyfully and proudly. The company focuses on strengthening and nurturing employees' unique talents, forming a "Winning Team" ready for collective growth. Additionally, Central Retail promotes workplace diversity and equality by employing over 500 disabled individuals and elderly personnel, enabling them to support themselves and their families.
- Care for the Community: Central Retail is dedicated to enhancing the quality of life for Thai people and reducing societal inequality by establishing sustainable careers and incomes within communities. Various projects, such as the Jing Jai Farmers’ Market, provide organic fruits and vegetables from local farmers to consumers through more than 32 branches across Thailand. This initiative also supports over 100,000 households, generating an annual income of over 1,500 million baht, with a goal to increase it to 5,400 million baht annually by 2030. Moreover, Central Retail creates job opportunities for communities and promotes Thai wisdom through initiatives like the Na Muen Sri Textile Learning Center and Museum project in Trang Province. These efforts contribute to improving the quality of life in a sustainable manner. Central Retail also emphasises promoting equality in society through the "Gift to Gifted" campaign, which supports talented Thai youth, underscoring the company's belief that nurturing people is the foundation for sustainability.
- Care for Sustainability: Central Retail is resolute in its commitment to becoming a "Green & Sustainable Retail" and a model retail organisation for sustainability in Asia. To realise this vision, the company has developed the "ReNEW" strategy, focusing on social and environmental responsibility. This strategy includes initiatives such as reducing greenhouse gas emissions through the installation of solar cell systems, introducing electric charging stations at shopping malls and department stores, promoting the use of electric trucks for transportation, adopting energy-efficient refrigeration, and investing in green innovations. Central Retail aims for the usage of 50% renewable and clean energy by 2030, with a goal of achieving net-zero emissions by 2050. Additionally, the company promotes environmentally friendly products and packaging by expanding its network of more than 60 green stores, such as Tops Green stores, with a target of opening an additional 200 stores. Efficient waste management is another priority, with initiatives like the Samui Model project, which converts waste into fertilizer or cooking gas, thereby reducing landfill waste. This initiative received the Environmental Award at The Global CSR & ESG Awards 2023. Central Retail also embraces the principles of the circular economy, with a focus on the 3Rs (Reduce, Reuse, Recycle), and encourages proper waste separation, enabling the reuse of more than 15% of waste. Due to the success of these sustainability projects, Central Retail was awarded the SET ESG Rating for sustainable stocks at the "AAA" level for the year 2023 by the Stock Exchange of Thailand. The company also received the Commended Sustainability Awards at the SET Awards 2023 and was selected to be a member of the Dow Jones Sustainability Index 2023 in both the World and Emerging Markets categories.
- Care for Governance: Central Retail maintains transparency and adheres to good governance practices based on GRC (Governance, Risk, Compliance) principles, guided by five key ethics: honesty, integrity, ethics, transparency, and social responsibility. By joining CAC (Collective Action Coalition Against Corruption), an anti-corruption initiative, the company reinforces its commitment to ethical business practices that can be verified. Central Retail instils a strong sense of ethics and moral responsibility in all employees, regardless of their level, to ensure that they act ethically and contribute to society.
In conclusion, Mr. Yol emphasised, "Everything we have done under the Business Philosophy of “CRC Care”, in all seven dimensions, is a dedicated effort to make Central Retail truly 'Central to Life.' We will continue to move forward, utilising the full capacity of our ecosystem, to elevate and create benefits for all stakeholders, fostering steady and sustainable growth alongside Central Retail."