Central Retail Corporation’s food arm has agreed to buy out Japanese-owned supermarket chain MaxValu in Thailand, with all 30 branches set to be converted into the group’s Tops brand from October 1.
Central Food Retail (CFR), a subsidiary wholly owned by Central Retail Corporation (CRC), signed a deal on August 7 to acquire 100% of the common shares in AEON (Thailand) Co, the operator of the MaxValu supermarket brand.
CRC Chief Executive Suthisarn Chirathivat disclosed the agreement to the Stock Exchange of Thailand.
AEON (Thailand) has a registered capital of 890 million baht (US$27 million), with a par value of 100 baht per share. CFR will fund the acquisition through the company’s internal cash flow rather than external borrowing.
CRC said the move is intended to expand its supermarket network in strategic locations, strengthen its food business, and add roughly 900,000 customers to its base. The 30 MaxValu branches range from small outlets inside buildings to large standalone stores spread across Bangkok and the surrounding provinces.
AEON (Thailand)’s financial performance has weakened in recent years. Revenue fell from 4,441 million baht for the fiscal year ending March 2024 to 4,053 million baht for the year ending March this year, while losses over the same period widened from 186 million baht to 266 million baht.
Some retail analysts believe Central Retail could redevelop the larger standalone sites into something more than a straight Tops rebrand, given the group’s property and hotel interests alongside its food business.
One branch cited as an example sits on a large plot in the Lak Si area, next to the Pink Line, opposite Rajabhat Phranakhon University and surrounded by condominiums.
MaxValu staff have reportedly been told the chain will continue operating until September 30, with the closure marking the end of the Japanese retail brand’s presence in Thailand from October 1. Employees said they have not yet been told whether their positions will continue under the new ownership.
The acquisition follows a strong first half of the year for Central Retail, which reported a 42.5% rise in core profit as it continued expanding and upgrading stores across its portfolio.
The story Tops absorbs MaxValu as Central Retail expands as seen on Thaiger News.
