MR DIY continues to expand in Thailand despite the hike in the daily minimum wage.
The increase in the minimum wage could pose a slight impact to the company as costs rise, but it will benefit the economy, said Andy Chin, chief executive of MR DIY Thailand.
As wages increase, it will have a positive impact on the overall retail sector as people will have more income or purchasing power, possibly leading to higher consumption, he noted.
"Overall, the minimum wage hike will not have significant impact on the company, and we are ready to follow suit," Mr Chin said.
MR DIY currently has more than 9,000 employees and the figure is expected to reach around 11,000 as a result of its plan to open more stores this year.
At present, the tripartite wage committee is considering raising the minimum daily wage of some provinces, with the next meeting scheduled for March 26.
Mr Chin said Thailand still offers business potential for home improvement retailers.
In Malaysia, the company has over 1,000 home improvement stores nationwide. The country's population stood at 34.4 million as of January 2024.
"Thailand's population is more than double that of Malaysia, and with our 770 existing stores here, I think there's still room for growth in Thailand," Mr Chin said.
The company recently unveiled its strategic expansion plan, under which it aims to have a total of 934 stores in Thailand by the end of 2024, using an investment budget of 2 billion baht.
The company aims to have 1,130 stores in the country within 2025.
"This not only increases accessibility for consumers but also creates significant job opportunities, promotes economic growth, and empowers local communities," Mr Chin said.
MR DIY has over 770 stores in 73 provinces across the country as of March 2024, making it the leading home improvement retailer with the largest number of outlets in the country.
Most of the new stores will be located in the Bangkok metropolitan area, the Northeast and the South. Some 80% of these outlets will take the form of a stand-alone shop in a community area or near a school, and the other 20% will be attached to a department store.
"This year, we hope to open our branches in every province of Thailand as currently MR DIY doesn't have any branches in the provinces of Mae Hong Son, Ranong, Phangnga and Yala," Mr Chin said.