Areeyachat Apisithamorngul, the owner of A&J Beauty Products Co, which operates Jae Leng Plaza near Don Mueang airport, is spending 3 billion baht in a bid to become a retail property developer.
Apartments generate revenue while staying in ownership’s hands, says Mrs Areeyachat.
The company is constructing apartments on 20 rai in Bangkok's Lat Krabang district.
Seven buildings are already up, while another 41 will be completed over the next five years
Funding will come from the company's cash flow.
The 48 apartment blocks will offer a combined 3,000 units, with rents ranging from 4,500 to 7,000 baht a month.
Target groups will be students, airline staff and others working in the area.
"We chose apartments because they can generate long-term revenue while continuing to belong to us," said Mrs Areeyachat.
The full 20-rai plot near Suvarnabhumi airport could take a decade to develop fully.
A&J also plans to build its first community mall on 14 rai on On Nut-Lat Krabang Road and is now working on the conceptual design.
First to open there will be a Jae Leng shop, which will serve as a magnet for other tenants.
A&J also hopes to expand its Jae Leng shops to other Asean members to cash in on improved purchasing power once single-market integration occurs in 2016.
Talks are being held with potential business partners in Laos, Cambodia, Vietnam and Myanmar to form joint ventures in those countries.
The partners will take care of shop construction, while A&J will supply the products.
"I never stop thinking about how to grow my business. The world is changing, and I looking forward to the future. I sent my children to study abroad, and some of them will come back to help me," said Mrs Areeyachat.
At home, first-half product sales dropped by 15% year-on-year in monetary terms, but the sales volume rose by 20-30%.
This is because the company has shifted to selling cheaper items.
Customers used to be willing to buy expensive items back when there was only a limited number of brands around, said Mrs Areeyachat.
But now many brands are available, so consumers have more choice and often prefer cheaper items, she said.
About 90% of the products in Jae Leng shops are not expensive, while the rest are mainly imported products exclusively offered there.
Each year, A&J imports 20 new brands for sale in for Jae Leng shops, mostly from Europe.
The company has started its own brand, Nyla, offering lip pencils for 125 baht. The product is made in Germany.
"We've received good feedback. Last month alone we sold 20,000 Nyla lip pencils. Our next products will be blush and eye shadow," she said.