CP All Public Co (SET:CPALL)
CP All Public Company Limited (SET:CPALL) is CP Group's flagship convenience-retail arm operating the exclusive 7-Eleven Thailand franchise. Runs over 14,000 7-Eleven stores nationwide as of 2024, the second-largest 7-Eleven count globally after Japan. Also owns Siam Makro (SET:CPAXT) as cash-and-carry wholesale arm. Together with CP Foods (SET:CPF) and True Corporation (SET:TRUE) is one of the three SET-listed flagships of the CP Group / Chearavanont family conglomerate.
Profile overview
CP All Public Company Limited (SET:CPALL) is CP Group's flagship convenience-retail arm operating the exclusive 7-Eleven Thailand franchise. Runs over 14,000 7-Eleven stores nationwide as of 2024, the second-largest 7-Eleven count globally after Japan. Also owns Siam Makro (SET:CPAXT) as cash-and-carry wholesale arm. Together with CP Foods (SET:CPF) and True Corporation (SET:TRUE) is one of the three SET-listed flagships of the CP Group / Chearavanont family conglomerate.
Business segments
7-Eleven Thailand franchise
14,000+ convenience stores nationwide
Operates 7-Eleven Thailand under exclusive franchise from 7-Eleven Inc (USA). As of 2024, over 14,000 stores make CP All the second-largest 7-Eleven operator globally after Seven-Eleven Japan. Revenue per store approximately $1,449/day. Fresh food (ready-to-eat) is the fastest-growing in-store category.
Siam Makro / CPAXT
Cash-and-carry wholesale subsidiary
CP All controls Siam Makro (rebranded CPAXT, SET:CPAXT) after acquiring Makro from SHV Holdings in 2013. Makro operates 150+ warehouse clubs for B2B wholesale customers (restaurants, SME retailers, hotels). Revenue approximately $7.25B annually.
Digital and fintech services
CP All Pay and e-commerce integration
CP All is integrating digital-payment services (True Money Pay at 7-Eleven), loyalty app (7-Eleven app), and last-mile e-commerce logistics via 7-Eleven pickup points. Partnerships with Flash Express and Kerry Logistics leverage the 14,000-store network as parcel-drop density.
Peer comparison — Thai convenience retail and modern trade
CPAXT (Siam Makro)
Central Retail Corp
Watchpoints 2025-2026
Debt load
THB 200B+ net debt from Makro acquisition
CP All carries a heavy debt burden from its 2013 $5.45B Makro acquisition and subsequent capital expenditure. Net debt-to-EBITDA ratio remains elevated. Interest rate increases in 2022-2024 increased debt service costs, constraining dividend growth and expansion capex.
Convenience store saturation
7-Eleven density reaching saturation in Bangkok
Bangkok district density has one 7-Eleven per 200-400 residents in mature urban areas. New store openings are increasingly concentrated in provincial towns, motorway service areas, and hospital complexes. Same-store-sales growth is the key metric as same-store competition intensifies.
E-commerce disruption
Quick-commerce (q-commerce) competitive pressure
LINE MAN Wongnai, GrabMart, and Foodpanda deliver convenience items within 30 minutes, directly competing with 7-Eleven's foot-traffic model. CP All's 7-Eleven app with on-demand delivery mitigates but does not fully offset structural shift to app-first convenience purchasing among Gen-Z consumers.
Related Market profiles
Peers, parents, partners, agencies, and other Convenience Retail actors.
Competitor
Home Product Center (HomePro)
Listed home-improvement specialty retailer; FY2024 revenue ~ $2.03B; Land and Houses-linked.
Open Market profile →
Competitor
ICONSIAM
Chao Phraya flagship mixed-use retail destination and tourism mall.
Open Market profile →
Competitor
Pranda Group
SET-listed Thai jewellery manufacturer and exporter.
Open Market profile →
Reports featuring this profile
The CP All 7-Eleven Empire: 14,000 Stores and Thailand's Convenience-Store Density Crown
Thailand's structural convenience-store empire; ~14,000 7-Eleven stores.
Open report →
Sits alongside 5 other Atlas profilesInside the CP Group Empire: From Seed-Trading Roots to a USD 90B Multi-Continental Conglomerate
CP All operates 7-Eleven Thailand convenience stores; SET:CPALL; >14,000 stores; CP Group flagship retail arm.
Open report →
Sits alongside 5 other Atlas profiles