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FamilyMart exits Thailand, rebranding stores as Tops Daily under Central Group, marking an end to the iconic Japanese retailer's nearly three-decade presence. Transition slated for end-2023.
The decision to withdraw from the Thai market comes after FamilyMart's franchise agreement with local retailer Central Group expired in late May. The noticeable changes in the stores include the replacement of all personnel uniforms and signage with Tops Daily branding. At the same time, the only remaining reminder of FamilyMart is the signature green shopping baskets.
According to reports from a Japanese business news agency, approximately 200 stores are expected to undergo the conversion from FamilyMart to Tops Daily over the remaining months of this year. This development reflects a significant decline in the number of FamilyMart shops in the country. Once boasting over 1,100 stores at its peak, FamilyMart saw a sharp decrease in numbers, with the count now standing at just over 400.
Although FamilyMart's presence in Thailand pales compared to 7-Eleven's retail empire of over 10,000 minimarkets, the company was still a noticeable player in 2017, with a total of 1,132 shops, as reported by Statista. However, by the end of 2022, the number of FamilyMart locations dwindled to a mere 415, further emphasizing 7-Eleven's dominance, which currently holds approximately 80% of the market share.
FamilyMart entered the Thai market in 1992 through a joint venture and opened its inaugural store in 1993. However, its only partial business localization hindered the company's expansion, which impeded its growth potential.
In 2020, Central Retail Corporation, a subsidiary of Central Group, acquired 100% of the shares of the FamilyMart convenience store chain. The acquisition was hailed as a strategic move that aimed to develop a new business model catering to modern consumers. Central Retail had already partnered with Japan FamilyMart Co since 2012, holding a 51% stake. The 2020 deal allowed the Thai side to acquire the remaining 49%, solidifying their control over the brand.
Yol Phokasub, Chief Executive Officer of Central Retail, expressed optimism about the acquisition and its potential to enhance Central's comprehensive services through customer-centric omni-channels.
While FamilyMart's expansion plans never came to fruition, the COVID-19 pandemic further exacerbated the challenges. In contrast, 7-Eleven, enjoying the advantages of its partnership with CP Group, continued to strengthen its market presence, leveraging unparalleled scale in food procurement and logistics.
