Wall Street looks to ride English trend
English-language school Wall Street English Thailand aims for tripled revenue of 2 billion baht by 2023 as it nearly doubles the number of branches nationwide through both investment and franchising.
Matthew Kichodhan, chairman of Wave Entertainment Plc, the operator of Wall Street English Thailand, said the current boom in exports, tourism and hospitality in Thailand and rising demand for English-language training will boost the market.
"New millennials prefer travelling worldwide on their own," Mr Matthew said. "They consider English as a tool to enhance their independent overseas travels."
Salaried workers in the banking, export, logistics and hospitality sectors need to improve their English, while first-jobbers, experienced professionals and business owners can also gain from English skills.
With a better economic outlook, the company aims to have 700 million baht in revenue this year, up from last year's 400 million baht, which was down from 700 million baht in 2016.
Wall Street English Thailand is designing a model to operate a franchise system in Thailand. The test will come with the opening of a small-scale branch in Chiang Mai this month, a 128-square-metre facility that cost 3 million baht.
"The franchise system can help us expand to major provinces like Nakhon Ratchasima, Khon Kaen, Ubon Ratchathani and Udon Thani, where demand for English-language training is strong," Mr Matthew said.
Wall Street English Thailand currently has 13 branches: 10 in Bangkok, two in Chiang Mai and one in Rayong. The goal is to have 20-25 branches nationwide in the next five years.
Yesterday the company signed a contract agreement with Wall Street English International for the right to open Wall Street English branches in Laos and Cambodia this year, intending to have five in the two neighbouring countries by 2023.
This year the company will spend 20 million baht to open new branches and renovate existing ones.
The market for English-language schools is estimated at 3 billion baht, with Wall Street English Thailand holding a 35% market share.