12-8-2023 (BANGKOK) In a strategic move reported by Nation Thailand, Central Retail, the operating entity behind the chain, has decided to undergo a significant rebranding endeavor. The iconic FamilyMart stores will be transformed into “Tops Daily” outlets, heralding the emergence of a local brand with a renewed perspective.
Further insights from Nikkei Asia reveal that the franchise agreement between FamilyMart and Central Retail reached its expiration in May 2023, marking the culmination of a long-standing partnership.
FamilyMart, a revered name in the realm of convenience stores, made its debut in Thailand in 1992 through a joint venture. However, recent times have witnessed a dip in its profitability, primarily attributed to the formidable presence of another Japanese convenience store behemoth, 7-Eleven. In a surprising turn of events, FamilyMart in Thailand managed to post a profit only last year, ending a prolonged streak of four consecutive years of losses.
Central Retail’s transformative decision stems from the prevailing trend among convenience store operators in Thailand. They are steering away from the conventional small-scale convenience stores spanning an area of approximately 150 square metres. Instead, a paradigm shift is underway, leading to the establishment of larger outlets that encompass diverse offerings, such as dedicated parking spaces, inviting dining areas, and an expanded repertoire of services. This progressive approach mirrors the trajectory undertaken by 7-Eleven convenience stores, which, over the past decade, have ventured into the realm of expansive outlets to cater to evolving consumer demands.
The departure of FamilyMart from the Thai market after an illustrious journey spanning three decades raises pertinent questions about the evolving landscape of the country’s retail sector. As industry dynamics adapt to the changing preferences of consumers and the mounting competition, the departure of a celebrated brand such as FamilyMart underscores the need for innovation and strategic repositioning within the market.
The decision to rebrand FamilyMart as “Tops Daily” signifies more than just a change in nomenclature. It represents a conscious effort to resonate more deeply with the local consumer base while aligning with the shifting trends in the convenience store landscape.
