CP All to open up to 450 7-Elevens this year

Kriengchai Boonpoapichart, executive vice president of the operator of the 7-Eleven convenience-store network, said yesterday that about Bt1.4 billion was earmarked for the opening of new branches. The current network has 4,800 outlets.

Bt900 million is set aside for renovation of existing branches, another Bt900 million for investment in subsidiaries and the rest on improvement of the IT system.

"We're not afraid of the crisis, as there are opportunities in a crisis. We have adjusted all the time, and we're confident that we can ride out the crisis towards sustainable growth," he said.

CP All projects its sales growing by 3-5 per cent from Bt129.45 billion last year, while gross profit margin is expected to remain at 27.2 per cent despite the economic slowdown.

Kriengchai insists that local purchasing power remains huge, as more consumers are turning to shops near their homes.

CP All is planning a campaign to accommodate the government's distribution of Bt2,000 cheques to lower-income people. However, Kriengchai said the campaign would mainly facilitate spending and was not aimed at making a profit.