With a total of 10 million Chinese customers, there are ample opportunities in this market and the aggregate AUM is expected to reach Bt12.5 billion. Therefore, KBank aims to become the best private banking service provider for this customer segment, the bank’s chairman of the board Banthoon Lamsam said yesterday.

At present, there are approximately 10 million Chinese and Thais of Chinese descent in Thailand. Of this total, KBank has provided private banking service to around 90 high net worth individuals (HNWIs) and Chinese-speaking clients in Thailand with a total AUM of some Bt4 billion.

The company yesterday officially opened its second IKEA store in Bang Yai district of Nonthaburi province. Costing Bt6.3 billion, the store in CentralPlaza WestGate is the largest IKEA outlet in Southeast Asia, occupying 50,278 square metres of retail area and stocking 8,000 products

The store aims to attract four million shoppers by end of this year. About five million shoppers are targeted next year.

Christian Rojkjaer, managing director of IKEA Southeast Asia, said that Thailand is one of the company’s strategic markets for its store expansion in Southeast Asia.

He said that the company first looked at opening a store in Bangkok 10 years ago. However, the IKEA Bangna outlet opened about five years ago.

“Our new IKEA store in Bang Yai is the 415th IKEA store opened around the world,” Rojkjaer said.

“We now have seven IKEA stores in Southeast Asia, comprising Singapore, Malaysia and Thailand. We’re working on the opening of IKEA stores in the Philippines and Vietnam.”

He said that company will open a store in Penang, Malaysia, in 2019, while the first IKEA in Manila will be opened in 2020. This would be followed by Ho Chi Minh City or Hanoi by 2022.

“We have seen great potential for the growth and future expansion of IKEA stores in particular markets in Southeast Asia, driven by many positive factors, especially the growing middle-classes and the equalisation of people in the region,” Rojkjaer said.

“Consumers in Southeast Asia also enjoy a growing income level and spending ability.”

Rojkjaer said that for Thailand, about 10 more IKEA stores will be opened within the next five to 10 years, of which two will be large stores and the rest will be small-format outlets, or so called pick-up and order points (PUPs).

The first PUP outlet opened in November 2016 in Phuket, occupying 2,615 square metres in retail space and costing about Bt175 million.

“We are looking for other potential locations in Bangkok, especially in the northeast and southwest areas, for the opening of IKEA stores,” Rojkjaer said. “We are also looking for upcountry locations, such as in Udon Thani, Chiang Mai, and Pattaya, for the expansion of our small-scale PUP outlets.

“There are fantastic opportunities for IKEA and Thailand to grow together, thanks to the increasing number of small manufacturers for furniture and home accessories owned by Thai entrepreneurs.”

Tops Daily said that 47 branches countrywide will be opened for such services in March and be expanded to 70 branches after the pilot run.

“Tops Daily has recently launched concept services at its branches,” said Phattaraporn Phenpraphat, executive vice president of Central Food Retail Co Ltd. “Go Green, for example, promotes the concept of environmental friendliness, energy saving and reducing plastic usage.” A number of other services are added to Tops Daily, such as co-working space with free Wi-Fi, mobile phone and USB charger, breakfast corner, copy/fax/print services and bill payment with CenPay.

“We found Kerry Express an ideal partner echoing our concepts. Kerry Express has very extensive network in Thailand and is able to provide outstanding delivery services with very competitive prices,” he said.

They aim for a 10-per-cent market share in the first year and want Thailand to be their business hub for the CLMV markets (Cambodia, Laos, Myanmar and Vietnam).

“The launch of the EC200D excavator will strengthen our customer base in road and general construction,” said Italthai Industrial chief executive Adis Peukpattanaruks. “The market shows growing potential following investment in infrastructure and transportation in Thailand and our neighbouring countries.

“Our partnership with Volvo CE is perfectly in line with our strategy. Italthai Industrial is committed to finding the best solution for each customer segment, whereas our Multi-brand Marketing Division strives to ensure that everyone’s construction needs are met, whether it be project sales and government projects, key account, mining and quarrying or road and highway.

“Italthai Industrial focuses on three sales strategies – choose the right partner, create marketing activities with accessibility and the unique selling points ‘heavy-duty and fuel economy’, and provide excellent after-sales service via 14 centres in Thailand and Laos.

“Our success last year came through these core strategies. We managed to reach all segments efficiently – from subcontractors, medium-sized contractors and big projects to mining and quarrying. This year is no exception. We aim to achieve 40-per-cent sales growth by the end of 2018.”

The debt-plagued retailer, which filed for bankruptcy protection in September, told employees that the retailer planned to file liquidation papers ahead of a Thursday court hearing, The Wall Street Journal and The Washington Post reported.

“We’re putting a for sale sign on everything,” CEO David Brandon said on a conference call with staff, according to the Journal.

Company officials did not immediately reply for a request for comment.

Started in 1948 amid the postwar US economic boom, Toys ‘R’ US has 881 stores in US territories and nearly 65,000 employees globally, according to the company’s most recent press release last month.

The New Jersey-based company was saddled with debt following a leveraged buyout in 2005 by a consortium that included the KKR Group and Bain Capital.

Much like other retailers, Toys ‘R’ Us has also been bruised by competition from Amazon and other online retailers.

A weak holiday shopping season weighed on the company’s efforts to reorganize, analysts said.

Neil Saunders, managing director of GlobalData Retail, blamed the company’s woes on poor leadership.

“As the competitive dynamics of the toy market intensified, management failed to respond and evolve. As such, the brand lost relevance, customers and ultimately sales,” Saunders said in a note Wednesday.

“The main tragedy of liquidation will be the extensive loss of jobs. In our view, those on the shop-floor have been badly let down by management and those doing financial deals.”

The company is exploring strategies for keeping the brand alive, including the sale of 200 US stores that could be packaged with its Canadian business, CNBC and the Journal reported.

Brandon outlined this and other possibilities at the New Jersey meeting, CNBC reported. Brandon also told workers they have 60 more days of employment at the company.

In February, the company’s British business announced plans for an “orderly wind-down” of the company’s store portfolio. Toys ‘R’ Us employs 3,200 people at 100 stores in Britain.

Under the expansion, the group will invest between Bt250 million and Bt300 million a year to open the new restaurants, and targets growth of 20 per cent every year over the period.

Sakkanon Chirathivat, chief executive officer, said that the group operates 242 restaurants in total, with 137 run as franchises and 105 under its own equity. Some 236 of the company’s restaurants are in Thailand, with the six overseas outlets operating under franchise, including in Myanmar, Cambodia and Laos.

The restaurants are operated under 13 Thai and Japanese brands.

To strengthen its franchise network, the company is preparing to open eight new branches of its Thai and Japanese brands – AKA, On the Table, Pho and Tummour – in Myanmar, Laos and Cambodia by the end of 2019.

“By 2022, we aim to reach a total of 600 restaurants, including 170 under our own equity, and 430 franchises,” Sakkanon said. “About 540 of these branches will be opened domestically and 60 will be franchise branches in overseas markets. The expansion will include across Asia where people are familiar with Thai cuisine. In the future, we plan to expand into the Middle East market where a franchising network is already established.”

Sakkanon said that the group aimed to achieve Bt10 billion in annual sales by 2022, and targeted a 25 per cent increase in sales this year. It posted sales growth of 15 per cent last year.

He said that the group’s plan “is to enhance the best-in-class customer experience and focus on a business network expansion through new products and services”, including the launch of the affordable brand Musha to reach all groups of consumers.

Through the plan, the group aims to expand its franchise network and establish more branches across the country to achieve its targeted sales revenue of Bt10 billion by 2022.

“In response to current customers’ behaviour, we will ensure that we deliver that experience through superior services and the integration of innovations while diversifying our business network with the creation of new brands and services, driving resource efficiency through state-of-the-art technology, and developing our staff to acquire expertise through carefully designed training modules,” said Sakkanon.

“We will integrate more technology into the operation to enhance productivity in responding to labour crunch.”

Sakkanon said that since the launch of the first branch of ZEN restaurant in 1991, which marked the beginning of the group, “we have been strengthening our business by offering the best services and food quality to our customers and expanding our business through both Japanese and Thai restaurant brands to better satisfy the diverse requirements” of Thai and international customers.

“Last year, we successfully introduced Sushi Cyu, which is the premium Japanese restaurant brand, and Musha, which offers affordable Japanese dishes, after having reinforced our group by merging the brand Tummour with us,” Sakkanon said.

Thunyachate Ekvetchavit, chief commercial officer of ZEN Corporation Group, said that shifting trends in the industry resulting from the influence of digital technology and more health-conscious consumer behaviour have led the group to meet these changing needs by offering the ‘best-in-class’ life experience to our customers.

The investment, to cover two years, was announced by executives of both companies at a ceremony yesterday. Some 300 jobs will be created at the TAAP site, including 100 at the battery production facility, which will be the sixth for the German carmaker worldwide.

Markus Schaefer, a member of the divisional board of management of Mercedes-Benz Cars, Production and Supply Chain, said: “As part of our strategy, we are now preparing for the future of electromobility in Thailand together with our partner TAAP. With our highly standardised, scalable battery production concept, we are able to start operations in any region at a short notice and at the right size.”

Various value-added stages as well as production concepts can be implemented with flexibility at the new battery plant, Schaefer said. Industry Minister Uttama Savanayana said Mercedes-Benz had applied for promotional privileges for its new investment in PHEV production.

“This move reflects the confidence that the German carmaker has in Thailand as its key production base in this region,” he said, adding that the investment will also benefit Thailand with better know-how and higher technologies, which “will contribute significantly to the progress of Thailand’s automotive industry”.

Mercedes-Benz will electrify its entire product portfolio, offering more than 50 electrified variants in markets across the world, while also promoting the 48-volt electrical system that powers its EQ Boost system.

The new battery factory is scheduled to start production in 2019, supplying batteries for Mercedes’ plug-in hybrid vehicles that are assembled locally. TAAP currently assembles nine Mercedes models.