Modern Trade RetailSilver report

Published April 2026Insight Research20 min read2026 Edition14 sources, 14 primary-gradeStrong source depth

Thailand Convenience Store Economics Deep Dive

Thai CVS ~20,000+ stores; 7-Eleven 68% share. CP All, CP Axtra, BJC, CRC, Saha Pathana. Unit economics: ~USD 200-350/day sales; fresh food drives margin; aging, tourist, EV traffic.

Key takeaways

1
Thailand has ~20,000+ convenience stores — highest density in ASEAN, among top-5 globally per capita. 7-Eleven (CP All) ~14,000+ stores dominates with ~ share.
2
Banner share: 7-Eleven (CPALL) , Lotus's Go Fresh (CPAXT) , FamilyMart (Central JV) , Big C Mini (BJC) , Lawson 108, Tops Daily, other .
3
Unit economics: CP All 7-Eleven same-store-sales growth ~ typical, store-level revenue ~/day (/day average), gross margin ~, EBITDA margin ~, payback 3-5 years for new stores.
4
Fresh food (RTE, beverages, bakery) drives traffic, margin; CP All, CPF fresh-food supply chain is the structural moat. 24-hour operation, dense urban, provincial, tourist footprint enables traffic density.
5
Regulation: MOC retail regulation, MOF excise tax (tobacco, alcohol). Near-term variables: quick-commerce cannibalisation (Grab, Foodpanda, LINE MAN), aging consumer demographic, tourist recovery, EV charging, DC-location CVS openings.

Executive summary

Thailand operates ~20,000+ convenience stores across five principal banners — the highest CVS density in ASEAN and among top-5 globally per capita. 7-Eleven (operated by CP All, SET: CPALL) is the dominant player with ~14,000+ stores representing ~ share. Other banners: Lotus's Go Fresh small-format (CP Axtra, SET: CPAXT, post-2021 merger with Tesco Lotus Thai, Malaysian ops) ~1,700+ stores; FamilyMart (Central Group, Thailand FamilyMart JV) ~1,100+ stores; Big C Mini (Berli Jucker SET: BJC) ~550+ stores; Lawson 108 (Saha Pathana, Lawson Japan JV) ~170+ stores; Tops Daily (Central Retail SET: CRC) ~90+ stores.^{[, , , , , ]}

Unit economics: CP All 7-Eleven same-store-sales growth ~ typical, store-level revenue ~/day (/day average, with flagship urban, tourist stores higher), gross margin ~, EBITDA margin ~, payback 3-5 years for new stores. Fresh food (ready-to-eat meals, beverages, bakery) drives traffic, margin, differentiation; CP All, CPF fresh-food supply chain is the structural moat that smaller banners struggle to match. 24-hour operation, dense urban, provincial, tourist footprint enables traffic density that scales operating leverage.^{[, , , ]}

Regulation: MOC retail regulation, MOF excise tax framework (tobacco, alcohol are material CVS categories subject to excise, licensing). Near-term variables: quick-commerce cannibalisation (Grab, Foodpanda, LINE MAN Wongnai deliver from supermarkets, restaurants disrupting routine CVS traffic); aging Thai consumer demographic (+ >65 by 2030 — pharmacy, wellness items upshift); tourist recovery, inbound-Chinese flow; EV charging, DC-location CVS openings (7-Eleven, Lotus's, Big C piloting EV charger co-location); minimum-wage, labour cost inflation.^{[, , , , ]}

CP All, CP Axtra, Central FamilyMart, BJC, Saha, CRC, MOC, MOF, TRA, FTI, Euromonitor, Nielsen, Priceza, SCB EIC

Data as of: FY2024

Thai CVS banner share (% of FY2024 store count)

7-Eleven

Share %

68%

Owner, stores

CP All (SET: CPALL); ~14,000+ stores

Lotus's Go Fresh

Share %

12%

Owner, stores

CP Axtra (SET: CPAXT); ~1,700+ stores small-format

FamilyMart

Share %

Owner, stores

Central Group JV; ~1,100+ stores

Big C Mini

Share %

Owner, stores

BJC (SET: BJC); ~550+ stores

Lawson 108, Tops Daily, other

Share %

Owner, stores

Saha Pathana, CRC, regional

Banner	Share %	Owner, stores
7-Eleven	68%	CP All (SET: CPALL); ~14,000+ stores
Lotus's Go Fresh	12%	CP Axtra (SET: CPAXT); ~1,700+ stores small-format
FamilyMart	7%	Central Group JV; ~1,100+ stores
Big C Mini	5%	BJC (SET: BJC); ~550+ stores
Lawson 108, Tops Daily, other	8%	Saha Pathana, CRC, regional

Operator 56-1, TRA, FTI, Nielsen, Priceza

Data as of: FY2024

7-Eleven Thailand store-count trajectory (year-end totals)

2020

Stores

12,432

Context

COVID pause on new-store cadence; provincial expansion held.

2021

Stores

12,743

Context

Cautious openings; Bangkok foot-traffic still suppressed by lockdowns.

2022

Stores

13,838

Context

Reopening surge — first full post-COVID expansion year.

2023

Stores

14,545

Context

Net additions averaging ~700/year; tourist-location pipeline reactivated.

2024

Stores

15,245

Context

FY2024 net adds ~700; revenue $6.99B Q3 alone (+6.6% YoY); food, beverage 76% of sales mix.

2025

Stores

15,945

Context

End-2025 actual; Q1 2025 SSSG +3%, 7-Delivery 11% of sales, standalone gross margin 29.4%.

Year	Stores	Context
2020	12,432	COVID pause on new-store cadence; provincial expansion held.
2021	12,743	Cautious openings; Bangkok foot-traffic still suppressed by lockdowns.
2022	13,838	Reopening surge — first full post-COVID expansion year.
2023	14,545	Net additions averaging ~700/year; tourist-location pipeline reactivated.
2024	15,245	FY2024 net adds ~700; revenue $6.99B Q3 alone (+6.6% YoY); food, beverage 76% of sales mix.
2025	15,945	End-2025 actual; Q1 2025 SSSG +3%, 7-Delivery 11% of sales, standalone gross margin 29.4%.

CP All 56-1 FY2024, Q1 2025 MD&A, Pattaya News, Statista, ad-hoc-news Q1 2025 coverage

Data as of: FY2020-FY2025

Analyst framing

Why this report

Thai CVS is 7-Eleven-dominant, fresh-food-differentiated, quick-commerce-challenged. Fresh food supply, 24-hour, dense footprint are structural moats. Quick-commerce, aging, tourist, EV are near-term variables.

Banner, unit economics, fresh food playbooks

CP All 7-Eleven (SET: CPALL): ~14,000+ stores dominate with ~68% share. Acquired Makro (2021), merged CP Axtra (2023) creating the CP retail-conglomerate stack. 7-Eleven, fresh food supply chain (integrated with CPF, CP Axtra) is the structural moat. Same-store-sales growth typically 2-4%; store-level revenue USD 200-350/day; 24/7 operation, dense urban, provincial, tourist footprint. Gross margin ~26-28%; EBITDA margin ~10-12%; payback 3-5 years.

CP Axtra Lotus's Go Fresh (SET: CPAXT): ~1,700+ stores small-format; complements 7-Eleven within CP retail stack; fresh-food, Lotus's private label differentiation. FamilyMart (Central Group JV): ~1,100+ stores; Central-brand, FamilyMart Japanese convenience food, Central Retail loyalty integration. Big C Mini (BJC SET: BJC): ~550+ stores; BJC distribution, Big C hypermarket supply integration. Lawson 108 (Saha Pathana, Lawson Japan JV): ~170+ stores; Japanese-brand positioning, premium ready-to-eat. Tops Daily (CRC SET: CRC): ~90+ stores; Central Retail mini-supermarket positioning.

Regulatory, competitive dynamics: MOC retail regulation, MOF excise (tobacco, alcohol category). Quick-commerce cannibalisation is the key near-term threat — Grab, Foodpanda, LINE MAN Wongnai, 7-Eleven's own 7Delivery compete for routine trip traffic. Aging, tourist, EV site strategy reshape new-store location planning. Minimum-wage inflation, labour cost pressures same-store-sales margin. CP All, fresh-food supply moat remains structural advantage vs competitors.

7-Eleven Thailand store-level unit economics (illustrative FY2024)

Average daily revenue per store

Value

THB 7-12k (~USD 200-350)

Notes

Range; flagship Bangkok CBD, Sukhumvit, tourist Phuket, Pattaya, airport top tier; provincial bottom tier.

Daily customer footfall per store

Value

~963 customers

Notes

Q1 2025 average; -1% on weather and end-Q earthquake disruption per CP All MD&A.

Average ticket size

Value

~THB 88

Notes

+4% YoY Q1 2025; fresh-food, beverage, ready-to-eat upmix drives ticket inflation.

Standalone gross margin

Value

29.4%

Notes

Q1 2025 all-time-high; +70 bps vs Q1 2024 28.7%; +30 bps vs Q4 2024 29.1%.

EBITDA margin (store-level)

Value

~10-12%

Notes

Operator-typical range; varies by location, format, fresh-food mix.

Same-store-sales growth (SSSG)

Value

+2-4% typical, +3% Q1 2025

Notes

Q1 2025 +3% beat internal +13%, consensus +10%; fresh food, quick-commerce-integration cited as driver.

New-store payback

Value

3-5 years

Notes

Industry-typical; faster on dense urban or tourist sites, slower on rural provincial.

Food, beverage sales mix

Value

76% (food, beverage); 24% (non-food)

Notes

FY2024 CP All disclosure; fresh, RTE, bakery, drinks anchor the 76%.

Metric	Value	Notes
Average daily revenue per store	THB 7-12k (~USD 200-350)	Range; flagship Bangkok CBD, Sukhumvit, tourist Phuket, Pattaya, airport top tier; provincial bottom tier.
Daily customer footfall per store	~963 customers	Q1 2025 average; -1% on weather and end-Q earthquake disruption per CP All MD&A.
Average ticket size	~THB 88	+4% YoY Q1 2025; fresh-food, beverage, ready-to-eat upmix drives ticket inflation.
Standalone gross margin	29.4%	Q1 2025 all-time-high; +70 bps vs Q1 2024 28.7%; +30 bps vs Q4 2024 29.1%.
EBITDA margin (store-level)	~10-12%	Operator-typical range; varies by location, format, fresh-food mix.
Same-store-sales growth (SSSG)	+2-4% typical, +3% Q1 2025	Q1 2025 +3% beat internal +13%, consensus +10%; fresh food, quick-commerce-integration cited as driver.
New-store payback	3-5 years	Industry-typical; faster on dense urban or tourist sites, slower on rural provincial.
Food, beverage sales mix	76% (food, beverage); 24% (non-food)	FY2024 CP All disclosure; fresh, RTE, bakery, drinks anchor the 76%.

Food, beverage (RTE, bakery, drinks)76%
Non-food (HBA, tobacco, magazines, services)24%

CP All FY2024 MD&A, Q1 2025 results, ad-hoc-news, apfoodonline coverage

Data as of: FY2024-Q1 2025

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