HomePro Sets Aside 30 Billion Baht for Growth
HomePro targets 100 billion baht in sales within five years.
Home Product Center, known for its HomePro stores and listed on the Stock Exchange of Thailand (SET), intends to invest 30 billion baht between 2024 and 2028 to launch 50 new outlets and enhance its technology with a goal of hitting 100 billion baht in sales by 2028.
Weerapun Ungsumalee, the managing director, stated that the company expects a 47% increase in sales to 68 billion baht in 2023, with significant contributions from its 127 stores in Thailand and 7 in Malaysia.
The expansion will focus on urban areas, including Greater Bangkok, Chon Buri, and Chiang Mai. HomePro also plans to diversify its product offerings to include health and wellness, as well as baby products.
Most of the expansion budget will be allocated to developing new distribution centers and logistics facilities, covering 80% of the total expenditure. The remaining 20% will target technology enhancements to advance their online sales platforms and increase presence on e-commerce sites like Lazada, Shopee, and TikTok.
Weerapun states that they are poised to foster sales growth by expanding space and improving service speed over the next half-decade, with expectations to match the national GDP growth rate this year.
In 2023, HomePro predicts sales to soar to 68 billion baht, a rise from 65 billion in 2022 and a record since their 63 billion achievement in 2019. Online sales have stabilized at 6% of total sales since the pandemic boom in 2020.
According to Weerapun, HomePro's first-quarter sales should benefit from the Easy E-Receipt tax incentive, allowing up to 50,000 baht in tax deductions for eligible e-receipt purchases from January 1 to February 15, 2024, due to fewer stores qualifying compared to the previous cap of 40,000 baht.
Despite potential challenges, year-on-year sales growth for the first quarter is expected to soften, given the comparably lower base in 2022.
Weerapun Ungsumalee, the managing director, stated that the company expects a 47% increase in sales to 68 billion baht in 2023, with significant contributions from its 127 stores in Thailand and 7 in Malaysia.
The expansion will focus on urban areas, including Greater Bangkok, Chon Buri, and Chiang Mai. HomePro also plans to diversify its product offerings to include health and wellness, as well as baby products.
Most of the expansion budget will be allocated to developing new distribution centers and logistics facilities, covering 80% of the total expenditure. The remaining 20% will target technology enhancements to advance their online sales platforms and increase presence on e-commerce sites like Lazada, Shopee, and TikTok.
Weerapun states that they are poised to foster sales growth by expanding space and improving service speed over the next half-decade, with expectations to match the national GDP growth rate this year.
In 2023, HomePro predicts sales to soar to 68 billion baht, a rise from 65 billion in 2022 and a record since their 63 billion achievement in 2019. Online sales have stabilized at 6% of total sales since the pandemic boom in 2020.
According to Weerapun, HomePro's first-quarter sales should benefit from the Easy E-Receipt tax incentive, allowing up to 50,000 baht in tax deductions for eligible e-receipt purchases from January 1 to February 15, 2024, due to fewer stores qualifying compared to the previous cap of 40,000 baht.
Despite potential challenges, year-on-year sales growth for the first quarter is expected to soften, given the comparably lower base in 2022.
