Central Restaurants Group has slashed prices in order to boost sales of Cold Stone Creamery premium ice cream as consumer spending remains languid.
Wachiraporn: Price cuts have lifted sales
Price cuts on some menu items are aimed at drawing more customers and increasing sales in the latter half of this year.
Wachiraporn Wanitchai, the group's assistant vice-president of Cold Stone Creamery, said prices of the US brand's signature on-the-go ice cream flavours have been reduced by 30% from 85 baht since the middle of this month.
She said that a similar pricing strategy has been applied to Cold Stone Creamery products over the past two years, successfully drawing more sales.
Ms Wachiraporn said that although there were signs of improving consumer spending in the ice cream market in the first quarter of this year, spending started to decline in the second quarter.
Also, the competition in the sector is very fierce because new players, particularly indirect competitors, have been flooding Thailand's ice cream market, she said.
Apart from offering cheaper product prices, the company plans to expand its menu offerings with drinks and bakery products to fulfil customer needs.
The revamped menus in Thailand were also introduced at Cold Stone Creamery outlets in several countries.
Thailand's ice cream market is projected to be worth 8 billion baht this year, up from 5 billion over the past five years, said Ms Wachiraporn.
Central Restaurants Group also plans to add 10 Cold Stone Creamery shops this year, drawing its store total to 29 by year-end.
Two new shops have already been opened so far this year in Bangkok and Chon Buri.
The other eight branches will be opened in the second half.
The total number of Cold Stone Creamery shop is expected to reach 50 branches over the next five years.