CP Axtra (Makro, Lotus)
CP Axtra (SET: CPAXT) is the post-2022 amalgamation of Siam Makro (wholesale, cash-and-carry) and Lotus's Thailand (hypermarkets, supermarkets, convenience), consolidating CP Group's modern-trade, food-service, wholesale retail arm into a single listed vehicle. FY2024 consolidated revenue ~THB 480-500B places CPAXT among the largest Thai retailers by revenue. Makro operates ~180+ wholesale cash-and-carry stores targeting restaurant, hotel, food-service, SME retail buyers. Lotus operates ~220+ hypermarkets, ~2,000+ mini-Lotus, convenience formats. Chearavanont family (CP Group) controls via a complex structure involving CP Retail Holding, Charoen Pokphand Group. Peer to Berli Jucker (TCC Group), Central Retail (Chirathivat) in Thailand's concentrated modern-trade layer.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 490B
FY2024
Ticker
SET: CPAXT
Listed (rebranded 2023)
Makro stores
~180+
Thailand, regional
Lotus stores
~220+ hypermarkets
Plus 2,000+ mini formats
What this company actually does
CP Axtra operates two integrated retail formats. Makro (cash-and-carry wholesale) serves restaurant, hotel, food-service, SME retail buyers across ~180+ Thailand stores, expanding Vietnam, Cambodia, India, Myanmar, Pakistan, Philippines, UAE presence. Product mix: bulk food, non-food, fresh categories with professional-buyer pricing. Lotus (hypermarket, supermarket, convenience) operates ~220+ hypermarkets, ~2,000+ mini-Lotus, Lotus Express formats, positioned for Thai mass-market, middle-class shoppers. Integration post-2022 merger continues; operational synergies, private-label, supply-chain rationalisation are realised over multi-year horizons.[]
CP Group linkage creates unique cross-sell advantages. CPF (agri-food) supplies Makro, Lotus with meat, eggs, processed foods. CP ALL (7-Eleven) complements convenience-retail coverage. TrueMoney integrates payment, loyalty. TrueMove+ provides connectivity, data services. The ecosystem depth is Thailand's most integrated food, retail, telecom, fintech value chain. Competitive framing: against Central Retail (modern department, hypermarket, food), BJC/Big C (hypermarket, CPG, packaging), and foreign-parent entrants. Strategic positioning: scale-driven, low-cost-focused modern trade, wholesale.[, ]
Business segments
Wholesale
Makro cash-and-carry — ~180 stores
Serves restaurant, hotel, food-service, SME retail buyers. ~180+ Thailand stores plus international expansion (Vietnam, Cambodia, India, Myanmar, Pakistan, Philippines, UAE). Bulk food, non-food, fresh with professional-buyer pricing. B2B loyalty moat.
Hypermarket
Lotus's — ~220 hypermarkets
~220+ hypermarkets plus ~2,000+ mini-Lotus, Lotus Express convenience formats. Thai mass-market, middle-class shoppers. Private-label penetration growing. Competes directly with Central Retail, BJC/Big C in hypermarket segment.
Watchpoints
Thai modern trade — leading operators
Central Retail
Listing
SET: CRC
FY2024 revenue
~ $6.67B
Formats
Department, hypermarket, specialty
Group
Central Group (Chirathivat)
| Operator | Listing | FY2024 revenue | Formats | Group |
|---|---|---|---|---|
| CP Axtra (Makro, Lotus) | SET: CPAXT | ~ $14.2B | Wholesale cash-and-carry, hypermarket, convenience | CP Group (Chearavanont) |
| Central Retail | SET: CRC | ~ $6.67B | Department, hypermarket, specialty | Central Group (Chirathivat) |
| BJC / Big C | SET: BJC | ~ $5.22B | Hypermarket, CVS, healthcare | TCC Group (Sirivadhanabhakdi) |
| CP ALL (7-Eleven) | SET: CPALL | ~ $26.1B | Convenience store (13,000+ stores) | CP Group (Chearavanont) |
Related Market profiles
Peers, parents, partners, agencies, and other E-commerce & Digital Commerce actors.
Competitor
Central Retail Corporation
Fellow listed modern-trade retailer; Chirathivat family.
Open Market profile →
Competitor
Berli Jucker / Big C
Fellow listed modern-trade retailer; TCC Group-linked.
Open Market profile →
Partner
Charoen Pokphand Foods
CP Group agri-food supplier.
Open Market profile →
Sector peer
CP ALL (7-Eleven Thailand)
7-Eleven Thailand franchisee; ~14,000 stores (ASEAN's largest convenience chain); FY2024 revenue ~ $27.8B; CP Group flagship.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
CP Axtra (SET: CPAXT) FY2024 Form 56-1 — post-Makro, Lotus merger
CP ALL (SET: CPALL) FY2024 Form 56-1 — 7-Eleven Thailand franchise
| Source | Publisher | Grade | As of |
|---|---|---|---|
| CP Axtra (SET: CPAXT) FY2024 Form 56-1 — post-Makro, Lotus merger | CP Axtra PCL (formerly Siam Makro) | Primary | 2025-03-31 |
| CP ALL (SET: CPALL) FY2024 Form 56-1 — 7-Eleven Thailand franchise | CP ALL PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Quick Commerce & Instant Retail 2027 Market Intelligence
No.1 grocery e-commerce; Makro PRO and Lotus's SMART ~59% of grocery e-comm
Open report →
Sits alongside 3 other Atlas profilesThailand CP All / 7-Eleven Economics: Store Density, Unit Economics, Franchise Concession
CP Axtra is the wholesale and hypermarket arm of the CP All group; THB 512B FY2024 revenue, 18% omni-channel.
Open report →
Sits alongside 3 other Atlas profilesThailand E-commerce Market Intelligence
CP Group post-merger modern-trade, wholesale arm; Makro, Lotus combined; ~THB 490B FY2024 revenue.
Open report →
Sits alongside 11 other Atlas profilesThailand Modern Trade Retail Market Intelligence
Post-2023 CP Axtra Makro, Lotus's merger; ~13% Thai listed retail share.
Open report →
Sits alongside 5 other Atlas profilesThailand Medical Cannabis & CBD Market Intelligence
CP Axtra pharmacy cannabis pilots, prescription-clinic partnerships.
Open report →
Sits alongside 4 other Atlas profilesThailand Personal Care & Household FMCG Market Intelligence
Lotus's, Makro modern trade personal care, FMCG distribution.
Open report →
Sits alongside 6 other Atlas profilesThailand Convenience Store Economics Deep Dive
CP Axtra Lotus's Go Fresh small-format CVS; 1,700+ stores.
Open report →
Sits alongside 4 other Atlas profilesThailand Online Grocery & Q-Commerce Deep Dive
CP Axtra Lotus Online, Makro B2B online.
Open report →
Sits alongside 3 other Atlas profilesThailand FMCG Distribution, Wholesale Deep Dive
CP Axtra Makro B2B, Lotus modern-trade.
Open report →
Sits alongside 6 other Atlas profilesRelated Market profiles
competitor
Central Retail Corporation
Omnichannel incumbent defending digital share against marketplace platforms.
competitor
Berli Jucker / Big C
TCC Group retail, CPG operator; Big C Supercenter (~150+ hypermarkets); FY2024 revenue ~THB 160-170B; Charoen Sirivadhanabhakdi-controlled.
partner
Charoen Pokphand Foods
CP Group's agri-food flagship; FY2024 revenue ~THB 580-600B; pork, chicken, aquaculture, processed foods, pet food across 18 countries.