Central Retail Corporation (CRC), Thailand’s largest retail operator, has acquired Illum, a famous Danish department store, and plans to invest two billion baht to renovate the Copenhagen store in four years.
CRC chief executive Tos Chirathivat said renovation of the 120-year-old Illum building, situated on the main shopping street, will help boost its income from five billion baht to eight billion baht, buy adding of more luxury brands and refining the food and beverage segment.
He said the investment is in line with the company’s strategy to have a unique department store.
The company expects to double its revenue from overseas investment to 50 billion baht in the next four years, when the renovation of Illum finishes.
Mr. Tos declined to reveal the acquisition cost but said the company was approached by the Danish department store. The company sees potential in this market, which is considered a tourist destination for Chinese and Russians and a stopover port for several cruise lines.
Moreover, Scandinavia is a growth market with a population that has a very high average income per head.