Villa Market JP Co., a prominent supermarket operator in Thailand targeting high-income customers, is optimistic despite the country's high household debt, which stood at 91.3% of GDP in Q4 2023.

CEO Pisit Poosanakhom cited resilience in the high-income segment and a rebound in tourism as key economic boosters.

The government's planned digital wallet scheme, aimed at lower-income Thais, could also have a slight positive impact.

Villa Market is expanding, with three new branches set for 2024 and a further 4-5 planned for 2025.

Locations include Phuket’s Kamala and Choeng Thale sub-districts and Bangkok's Rattanathibet area.

Despite competitive pressures, especially from Chinese online retailer Temu, Villa Market will focus on market segmentation, online platform development, and AI for customer insights.

The online channel currently accounts for 10% of transactions.

The company aims for agility in its operations, seamless integration of online and offline sales, and a daily footfall of 1,500-2,000 customers per store.

Projected sales for 2024 are 7-8 billion baht, a 10% increase from 2023.