CRC Sports earmarks Bt365m for new stores in Thailand, Vietnam
March 19, 2014 00:00 By Bamrung Amnatcharoenrit The N
CRC Sports Co, operator of Supersports under Central Group, this year will spend Bt365 million to open new stores in Thailand and Vietnam as part of its investment plan to strengthen its role in the two markets.
Of the total, Bt275 million is earmarked for 18 new openings in the Kingdom, comprising seven Supersports, one FIT Sports, five Crocs, three New Balance, and two Skechers. As a result, the total number of outlets will be 136 by year-end. For Vietnam, its budget is Bt80 million to Bt90 million to open 10 new stores, bringing the total number in that country to 19. The new openings will be four Supersports, four Crocs, and two New Balance outlets.
Tony Morton, managing director of CRC Sports Co, said the sport-products market in Thailand was still optimistic, even amid the ongoing political tension. Thais, especially women, are hungry for such goods and the trend would provide a big business opportunity for the company.
Meanwhile, Vietnam is an emerging market with a fast-growing economy, which offers a good opportunity for investment. With competitive stores offering various kinds of sport products, the firm hopes its sales will increase rapidly over the next three years. They should account for 20-25 per cent of the total, and in the long run figure could outdo sales in Thailand.
This year, total CRC Sports sales are projected to grow 18 per cent from more than Bt6.3 billion last year. One of the key drivers will be the World Cup soccer tournament in Brazil, running from June 12 to July 13, which will boost sentiment to shop for sport products.