Central Watson Co, the operator of Watsons health and beauty stores, has vowed to allocate 600 million baht this year to expand its business in Thailand.
Rod Routley, the company's regional managing director for Asia, said the company has raised its investment budget by over 15%, two-thirds of which will be used to open 50 new Watsons stores and renovate existing outlets. The remaining 200 million will be used for e-commerce and marketing.
"With double-digit growth last year and a good start to our performance in the first four months of this year, we'll maintain substantial investment in the Thai market this year," said Mr Routley. "We're looking forward to another year of substantial investment and growth in Thailand."
He sees huge potential to grow the health and beauty business in Thailand, adding the people are dynamic and the country has a large population, while the company is expanding its e-commerce channel to reach provincial markets.
Central Watson has operated online since 2017, and this online channel has received excellent feedback from both new customers and Watsons' regular shoppers, said Mr Routley, adding online expansion has not affected its new store opening plans.
"Our sales continue to grow exponentially with sales volume rising more than three times what we achieved 12 months ago. Our online platform complements our physical stores," he said.
Watsons online outlet now offers a wider product range than its brick-and-mortar stores, including exclusive items and a promotional programme with 24-hour access and convenient payment options, said Mr Routley.
He is confident the high levels of growth via the online channel will continue, adding Watsons offers seamless connectivity to its offline and online customers.
Watsons is also banking on its strong store network, digital capabilities and growing e-commerce platform to meet customer expectations as they evolve in this new retail world, said Mr Routley.
He said the company opened 50 new stores in 2017 and will open another 50 both this year and next.
The company opened the latest Watsons concept store on the fourth floor of CentralWorld.
This new concept store is designed to appeal to modern consumers who demand more exciting shopping environments, improved categorisation, brand presentation, lighting and digital integration.
In addition to its store expansion plans, the company will renovate its 75 existing stores under the same concept as Watsons CentralWorld.
The company has added 150 new products from various countries, including South Korea and Japan, to its portfolio this year.
Through the plan, the company is targeting double-digit growth this year.