Bangkok-listed 7-Eleven franchise operator CP All Plc on November 24 reiterated that its plan to launch the US-based convenience store in Cambodia and Laos next year is still in motion.
It voiced its firm commitment to adhering to its original gameplan despite its indirect subsidiaries CP All (Cambodia) Co Ltd and CP All (Laos) Co Ltd warning of the rocky road ahead with Covid-19 hanging on.
CP All Cambodia and CP All Laos have each been granted franchising rights for 30 years in the establishment and operation of 7-Eleven branches, according to Thailand’s The Nation.
In a press release accompanying its signing of a master franchise agreement on May 7 with CP All Cambodia, Texas-based 7-Eleven Inc said: “The first Cambodian 7-Eleven-branded convenience store is expected to open in Phnom Penh in 2021.
“The master franchisee plans to construct stores, modernising the small-retail environment and bringing greater convenience to shoppers, backed by the world’s largest convenience retailing brand.
“Cambodia will be the 19th country where 7-Eleven stores operate or will operate soon.”
Cambodian ambassador to Thailand Ouk Sorphorn told The Post on November 25 that CP All was sure to open the convenience stores in the country once Covid-19 eases.
He said CP All aims to hire local staff to do its share in improving the lives of Cambodians and shoring up community development.
“The company promised us that they will feature Cambodian-made products on the shelves of 7-Elevens in Cambodia . . . [and] Thailand,” said Sorphorn.
In Thailand, the company is forging on with plans to open an additional 700 stores in the entire 2020, having opened 513 in the first nine months of this year, according to The Nation.
Currently operating 12,225 7-Eleven outlets in Thailand, CP All has said it will invest between 11.5 and 12 billion baht ($380 and $396 million) this year to open new stores, renovate existing branches and launch new projects, it said.
According to 7-Eleven Inc, CP All was set up in 1988 to operate 7-Eleven branches in Thailand under an exclusive licensing agreement with it.
It noted that the first store in Thailand opened in the capital the following year, and that the country is second only to Japan in number of shops, followed by South Korea and the US.
On the Stock Exchange of Thailand, CP All’s share price dipped one baht (3.30 US cents) or 1.59 per cent to close at 62.00 baht ($2.04) on Wednesday for a market capitalisation of 556.95 billion baht, with 40.99 million shares traded.