Central Group of Companies, one of the biggest department store retailers in Thailand, has announced plans to enter into China and says its first department store will be opened in Hangzhou in September 2009.
The company said that the construction of its Hangzhou department store had started and it is expected to be completed in September 2009. The store will be located in Hangzhou MIXC, in the central business district of Qianjiang new city and Central Group will lease 25,000 square meters out of the total area of 99,500 square meters of Hangzhou MIXC. In addition, Central Group has set a goal for its development in China in the next ten years, which is to open about 30 to 40 department stores and shopping malls.
Central Group of Companies is a family owned company. Founded in 1947, it has a 60-year history in the retail industry. By 2006, the market value of Central Group of Companies was about USD2 billion and its businesses cover department store retail, real estate, hotels, and food.
According to the Royal Thai Consulate-General in Shanghai, more and more Thailand companies are coming to China to seek development opportunities. By the end of 2007, the Sino-Thai trade volume had reached USD31.06 billion, making China the second biggest trade partner of Thailand.