Makro / CP Axtra (CPAXT)
Makro, now operating under the CP Axtra holding company (SET: CPAXT, formerly SET: MAKRO), is Thailand's dominant cash-and-carry wholesale operator. CP Group completed the acquisition of SHV Holdings' remaining Makro stake in 2022, then merged the Makro and Lotus's Thailand retail businesses under CP Axtra (formerly Siam Makro). The combined entity operates Makro cash-and-carry stores targeting food-service operators, small traders, and horeca customers, alongside Lotus's hypermarkets and Express convenience stores. CP Axtra's scale makes it the largest single retail entity in Thailand by store count and one of the largest in Southeast Asia. The business competes with Central Retail's Big C, HomePro, and international online channels.
Profile overview
Makro, now operating under the CP Axtra holding company (SET: CPAXT, formerly SET: MAKRO), is Thailand's dominant cash-and-carry wholesale operator. CP Group completed the acquisition of SHV Holdings' remaining Makro stake in 2022, then merged the Makro and Lotus's Thailand retail businesses under CP Axtra (formerly Siam Makro). The combined entity operates Makro cash-and-carry stores targeting food-service operators, small traders, and horeca customers, alongside Lotus's hypermarkets and Express convenience stores. CP Axtra's scale makes it the largest single retail entity in Thailand by store count and one of the largest in Southeast Asia. The business competes with Central Retail's Big C, HomePro, and international online channels.
Business segments
Core format
Makro cash-and-carry wholesale
Cash-and-carry stores serving food-service operators, small traders, and horeca customers. Average Makro store size is large-format (5,000-10,000 sqm); 145-plus stores nationally as of 2024.
Hypermarket
Lotus's hypermarkets and superstores
Post-CP acquisition of Tesco Lotus's, Lotus's hypermarkets serve general retail under the CP Axtra umbrella. Over 2,000 Lotus's Express stores extend the CP convenience network.
ASEAN expansion
Makro regional stores
Makro operates stores in Malaysia, India, Cambodia, and other ASEAN markets, extending CP Axtra's wholesale footprint outside Thailand. Regional sourcing synergies with CP group supply chain.
Digital and omni
MAKRO Pro and online wholesale
MAKRO Pro app enables food-service and small-business customers to order digitally. Omnichannel integration is growing but remains secondary to physical store economics.
Thai modern retail peer comparison
Format, scale, and listed status, 2024
Central Retail (Big C, Robinson)
Tops / Central Food Retail
| Operator | Ticker | Key formats | Est. stores |
|---|---|---|---|
| CP Axtra / Makro | SET:CPAXT | Cash-and-carry, hypermarket, express | 3,000+ |
| Central Retail (Big C, Robinson) | SET:CRC | Hypermarket, department, supermarket | 2,000+ |
| CP ALL (7-Eleven) | SET:CPALL | Convenience | 16,000+ |
| HomePro | SET:HMPRO | Home improvement | 100+ |
| Tops / Central Food Retail | SET:CRC subsidiary | Supermarket, premium food | 200+ |
Key drivers 2025-2026
Integration synergies
Makro-Lotus's merger extraction
CP Axtra must demonstrate procurement, logistics, and supplier-term synergies from combining Makro and Lotus's under one holding entity. Integration costs and revenue uplift are monitored by SET analysts.
Horeca recovery
Food-service demand recovery
Makro's cash-and-carry core depends on food-service and restaurant sector demand. Tourism-linked hospitality expansion in 2025-2026 is a positive demand driver for wholesale volumes.
Online competition
E-commerce wholesale pressure
B2B wholesale platforms and direct-from-supplier ordering challenge Makro's walk-in model. MAKRO Pro and digital investment are defensive responses to this structural shift.
Source-pack context
Makro / CP Axtra (CPAXT) is linked to existing Insight report coverage through tracked source packs. The cited sources provide the current evidence trail for market context, regulatory exposure, operator positioning, or sector structure; exact numeric claims should still be checked against raw snapshots before being surfaced as headline metrics.[, , ]
Deep operating read
Makro/CP Axtra is CP Group's wholesale and modern-retail scale layer, combining cash-and-carry exposure with Lotus's after CP's Tesco-Lotus's Asia acquisition. The source pack frames CPALL as the dominant convenience-store engine and Makro as part of the broader CP retail stack alongside 7-Eleven and Lotus's. Makro's operating edge is food-service, small-trader, and horeca procurement scale rather than pure convenience density. Within CP, it is a B2B and bulk-format complement to CPALL's high-frequency retail footprint.[, , , ]
Execution watchpoints
The watchpoint is whether CP Axtra extracts synergies without diluting Makro's wholesale economics into lower-margin mass retail. CPALL's store count and same-store-sales softness show that network scale does not eliminate basket-size pressure. Makro also sits inside CP's larger succession, China, and ESG risk frame, so group-level capital allocation matters. Underwrite Makro on supplier terms, horeca recovery, Lotus's integration, and working-capital discipline rather than CP brand strength alone.[, , , ]
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