PTT Retail Management, a retail unit of national conglomerate PTT, plans to expand its Jiffy minimart business to include other formats.
Chakkrit Charuchinda, managing director of PTT RM, the operator of Jiffy convenience stores at PTT petrol stations, said that the company will proactively expand its retail business under the Jiffy brand in three formats, Jiffy original, Jiffy Daily and Jiffy supermarket, to serve a variety of customers in different parts of Bangkok.
The company aims to shift its focus to the retail business which has been providing a higher margin than petroleum products, with a view to entering the retail market outside petrol stations.
The company will spend about 2 billion baht on expanding its retail business alone next year including investing in 30 new Jiffy Daily outlets and several more Jiffy supermarkets as well as renovating existing Jiffy stores. The additional stores are expected to be opened at petrol stations and community malls.
It requires an investment of 50 million baht for each Jiffy supermarket, 10 million baht for convenient stores and 5 million baht for Jiffy Daily outlets.
Currently, the company operates 146 Jiffy outlets across the country in convenience stores and daily formats. The first Jiffy supermarket will open next week in Bang Khae.
With the proactive plan, the company expects retail business to generate 60% next year, up from the current 40%.
The company expects its retail business to reach 5 billion baht this year, about 7-8% higher than the previous year.
Apart from Jiffy chain, the company will also speed up the expansion of its Cafe Amazon coffee shops and Jiffy drinking water.
Lately, the company joined hands with Crystal Park project developer KE Land to develop a new 9,000-square-metre community mall called The Crystal PTT on a 12-rai plot in suburban Bangkok. The 600-million-baht project, developed under Green Station concept, is scheduled to open in October next year.
On the other development in retail market, Lertvit Pumipituk, vice-president for business development, Central Retail Corporation (CRC), said that the company is looking for a location to develop a new retail format to serve customers in Bangkok.
At the same time, it has spent 250 million baht to renovate Central Festival Phuket shopping complex. About 30 new tenants will be added on the first floor. It will allocate about 50 million baht to arrange marketing events to celebrate its eighth anniversary.
"The shopping atmosphere in Phuket is good so far. Although the economic slowdown in Europe has led to a lower number of European tourists, shoppers from Russia and China have offset the loss," said Mr Lertvit.