
Central Restaurants Group (CRG) expects the digital wallet handout scheme to help drive its sales growth by 5% in 2024, while the total value of the country's restaurant market is expected to reach 400 billion baht this year.
Referring to the ruling Pheu Thai Party's plans to initiate the 10,000-baht digital wallet handout scheme in the fourth quarter, Nath Vongphanich, president of CRG, said the company will await further clarity or guidance regarding this matter.
However, its eligible restaurants would help boost the company's same-store sales by around 5%, he said.
Moreover, the government's plan to introduce a new daily minimum wage this year, combined with rising electricity prices, would pose a challenge to the company in terms of costs.
"The company would like to ask the government to provide subsidies for the energy price as it accounts for 4% of the cost of goods sold," Mr Nath said.
Mr Nath said the company's same-store sales in the first half of this year grew by 1-2% on average compared to the corresponding period in 2023.
This year, the company will focus its investment budget on the company's restaurants like top brands such as Ootoya and Pepper Lunch, said Mr Nath.
For Pepper Lunch, the company plans to expand branches to the up-country region, he added.
In terms of adding brands to their portfolio, the company is looking for a brand which has the potential for growth and is resilient enough to survive the market slowdown, Mr Nath said.
Following the restructuring of its management system, the company should have the potential for sales growth, with a target to reach 1 billion baht in sales in five years.
"The company is considering partnering with Thai SMEs, aiming to open two more restaurant brands this year, focusing on Shabu-shabu and Yakiniku style," Mr Nath said.
He said the Thai restaurant market is expected to grow by 7% this year, with a value of 400 billion baht.
The company aims to achieve 16 billion baht in sales this year with double-digit growth, higher than the overall restaurant market, thanks to store expansion and the rebound of the tourism sector, he said.