Spar International and Bangchak Retail Company (BCR) have announced a new partnership to open 300 Spar stores in Thailand by 2020.
The US$78.9m investment was announced on 28 November, with BCR to open seven new stores in 2016, and 50-80 new stores each year from 2017.
“The launch of Spar in Thailand in partnership with BCR represents a significant and important step forward in Spar’s ongoing expansion into Asian markets,” Tobias Wasmuht, managing director of Spar International said at the official announcement of the new partnership. “It brings together our internationally tried and tested retail expertise particularly in convenience and supermarket formats with the extensive knowledge of the Thai market. The partnership is a true example of the Spar ethos in which through working together all shall benefit.”
BCR managing director Viboon Wongsakul said the Thai company was exciting about the new offering for customers in Thailand.
“We plan to bring local retailing to the next level and will dedicate the resources necessary to have a significant presence in the market in the shortest possible time-frame,” he said.
The partnership will see both Spar and BCR focus on sourcing produce locally, with Spar International working on developing its own brand of products.