Thanapiriya Plc, the operator of Thanapiriya stores in Chiang Rai, Chiang Mai and Phayao, is allocating 120 million baht to add new outlets in the upcoming year.
According to Amorn Phutthiphiriya, the company's chief operating officer, the plan involves using the budget to establish six new branches in Chiang Rai.
Despite more than 30 retail stores in the province, the company sees ample opportunity to open additional outlets in Chiang Rai, she said.
"Given urbanisation and the government's investment in new infrastructure, such as the double-track rail to Chiang Rai, we anticipate the potential to open more than 10 new Thanapiriya stores in Chiang Rai in the future," Mrs Amorn said.
She said the company also wants to modernise and enhance its existing stores to offer greater convenience to customers, improving its services.
Thanapiriya is eager to find more high-margin products to sell in its retail network, said Mrs Amorn.
New government stimulus packages next year should also help spur consumer spending power, she said.
Given the brighter prospects, the company recently signed an agreement to act as a distributor of personal care products.
"These supporting factors are expected to help the company's sales to grow by 10-15% next year," said Mrs Amorn.
Thanapiriya operates 44 retail stores across the three northern provinces, with 34 branches in Chiang Rai, six in Phayao and four in Chiang Mai.
The company also manages a wholesale store spanning 900 square metres in Chiang Rai.
Thanapiriya plans to open two new stores this month, including a flagship outlet spanning 1,000 sq m near Chiang Rai airport and another in Wiang Pa Pao in Chiang Rai, bringing the total to 46 stores by year-end.
She said the company also plans to spend 30 million baht to build a new warehouse on a 2-rai plot of land next year to support future expansion.
Thanapiriya anticipates 10% sales growth this year to 2.4 billion baht.