July 25, 2012

Central Retail Corporation Ltd. (CRC), one of Thailand's leading retailers and department store operators, announced that it was expanding into Indonesia through the leasing of a flagship store at Grand Indonesia Mall in Jakarta.

This will be the fourth overseas branch of Central Department Store in Asia.

Tos Chirathivat, CEO of Central Retail Corporation Ltd., announced that "We recently signed a leasing agreement with PT Grand Indonesia to open our first Indonesia Central Department Store at Grand Indonesia Mall, which is located within Grand Indonesia Shopping Town, a luxury mixed-use complex in Jakarta, Indonesia. The store will trade on 21,000 square meters with a total investment of 600 million Baht."

The regional expansion conforms to the company's main strategy by tapping into the opportunities from the Asean Economic Community's (AEC) coming into effect in 2015. After the acquisition of La Rinascente in Italy and the expansion of Central and Zen Department Stores to China, we believe that Indonesia is another potential market in retail.

Indonesia is the largest economy in Southeast Asia, with a population of 250 million – the highest population in Southeast Asia.

Grand Indonesia Shopping Town is a large and very successful integrated complex located in the heart of Jakarta. Grand Indonesia Shopping Town consists of Grand Indonesia Mall, a 56-storey office building, a 5-star hotel and a luxury residence covering the total space of 600,000 square meters.

More than 1.3 million customers are said to visit the shopping mall every month.

Central Department Store will offer a wide range of fashion and beauty products, accessories, home decorations, exciting food & beverage as well as featuring Thai local brands.

In terms of management, Central Department Store has appointed Mr. Alan Thomson, International Business Director – Southeast Asia, to look after the regional expansion.

Central Department Store at Grand Indonesia Mall plans to open in 2014 and the company plans to have 5 more stores in Jakarta and Surabaya by 2017.