Central Retail Corporation Expands in Europe to Boost Luxury Retail
Central Retail Corporation is investing heavily in Europe, focusing on its Rinascente department store chain in Italy to bolster its luxury retail presence. By 2027, CRC plans to open the Rinascente Odeon Beauty Hall in Milan, taking advantage of Europe's maturing markets while ensuring flagship stores remain vital through innovative concepts like the Rinascente On Demand channel. Despite increasing online competition, CRC's CEO emphasizes the continued significance of physical stores, projecting that Rinascente will remain an appealing destination for luxury shopping and cultural experiences.
Central Retail Corporation (CRC), Thailand's largest retailer, is expanding its footprint in Europe through its Italian department store chain, Rinascente, by investing over €40 million to create the Rinascente Odeon Beauty Hall in Milan.
Despite the trend of online shopping, CRC's CEO Yol Phokasub emphasizes the continuing importance of physical stores, planning further growth in Vietnam and Italy, with future expansions in Malaysia and Singapore.
Rinascente reported record sales in 2023, surpassing €1 billion, with plans to open the new Beauty Hall by May 2027, aiming to attract over 3 million visitors annually.