CRC Thai Watsadu Ltd, a business unit under Central Retail Corporation, will spend 1.5 billion baht to explore opportunities in home decoration with its Baan & Beyond store.
An artist’s rendition of a Baan & Beyond store. The first one will open in Chiang Mai in November, followed by a branch in Khon Kaen.
The introduction of Baan & Beyond is in line with the changing lifestyles of modern consumers, who set a clear trend for the property and home decoration markets.
The first Baan & Beyond store will open in Chiang Mai in November, as the property market in the northern province has settled into consistent growth for commercial and residential projects.
Also, lifestyle changes have pushed northern consumers to seek more home decor items.
Suthisarn Chirathivat, the president of CRC Thai Watsadu, said a second branch will open in Khon Kaen, where the market is positioned as an accessible spot for neighbouring countries, drawing interest from both Thai and foreign investors.
The two stores will require a combined investment of 1.5 billion baht. Plans call for opening five or six Baan & Beyond stores in Bangkok and upcountry next year at a cost of up to 4.5 billion baht.
Baan & Beyond is CRC's third brand for home products, augmenting Thai Watsadu and HomeWorks, which provide construction materials and home finishing products.
"Baan & Beyond will serve as an outstanding extension of CRC's home decor product range," said Mr Suthisarn.
"It will drive us to become one of the top three players in the country's retail home decor market within the next three years."
Other big brands in the market include SCG, HomePro, Index Living Mall and Global House.
Rawee Puaphornphong, the firm's vice-president for marketing, said Baan & Beyond will provide home decor, household maintenance and counselling services in 12,000 square metres of space with restaurants, coffee outlets and other home-related shops.
The company expects 1.2 billion baht in sales from the two Baan & Beyond branches in the first year.
Apart from Baan & Beyond, five Thai Watsadu stores will open by year-end, requiring an investment of 3 billion baht.
The build-out will boost the number of locations to 36 Thai Watsadu stores and seven HomeWorks centres by the end of 2013.
CRC Thai Watsadu's 2013 sales are set to grow by 50% to 14-15 billion baht.