Find in the news:
BY COUNTRY

Thai Central Group will double the number of department stores in Europe after taking over Selfridges



The acquisition of 18 department stores could be worth $5.4 billion.
Thai Central Group will double the number of department stores in Europe after taking over Selfridges

With the acquisition of Selfridges Group, Thailand's Central Group will be able to double its presence in European markets.

"Europe is the origin of luxury brands, and European cities are some of the most popular destinations for tourists from around the world," commented Central Group CEO Thos Chiratiwat, noting that upscale flagship department stores remain "important landmarks" in metropolitan areas today.

The Thai group announced plans to buy Selfridges in December 2021. Nikkei Asia reports that experts estimate the deal to be worth about $5.4 billion.

Thai Central Group will double the number of department stores in Europe after taking over Selfridges

With a history of more than a century, Selfridges is one of the UK's premier luxury department store flagships, located on Oxford Street and considered to be one of the best in the world. The retailer lost about 40 percent of its revenue due to restrictions in 2020, and it posted a loss of more than $150 million.

Under the agreement, Central Group will acquire 18 Selfridges department stores and increase its number of stores in Europe to 39. The company promises that the takeover will provide "a bright future for the legendary brand for the next 100 years.".

An acquisition in Europe's promising market is not ruled out by the conglomerate. The company is positive about the future of department stores and noted that Central Group remains open to opportunities (on acquisitions) that fit its strategy and vision for the future.

Central Group traces its history back to 1947, with the opening of the company's first department store in 1956. Today, the company operates about 60 large format retail facilities in Thailand and supermarkets and convenience stores in Asian markets. Central Group has been expanding internationally since 2011 when it acquired the Italian chain Rinascente. The company also established itself in Switzerland, Germany, and Denmark in the following years. The company's total revenue by 2024 is expected to grow by 40% to $7.9 billion.

The deal to buy Selfridges is also expected to allow the Thai group to implement an omnichannel strategy of combining physical stores and online sales channels. Over five years, the company plans to invest more than $3 billion in e-commerce.

More about shopping malls in Thailand



YESTERDAY, USA:
Canadian commercial real estate owner and mall developer Triple Five has defaulted on an $8.8 million payment on American Dream debt.
Aug 5, 2022, India:
Reliance Brands has signed an exclusive agreement with Kering Group.
Aug 4, 2022:
Luxury fashion house announced the opening of a menswear pop-up store in Beverly Hills.
Aug 3, 2022, USA:
The deal could amount to more than $3 billion.
Aug 2, 2022, United Kingdom:
Britons are significantly overpaying for products from European brands.
Aug 1, 2022, USA:
The first "General Store by Walmart" will open in August at Getaway Hill Country in Wimberley, Texas.
Friend
and Follow
Jardim Pamplona GLA:118 403 SF
ADDRESS: R. Pamplona, 1704 - Jardins São Paulo
Brazil . Sao Paulo
Jardim Pamplona
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us