Modern Trade RetailSilver report

Published April 2026Insight Research21 min read2026 Edition17 sources, 14 primary-gradeVery high source depth

Thailand CP All / 7-Eleven Economics: Store Density, Unit Economics, Franchise Concession

CP All FY2024 revenue THB 988B; 15,430 7-Eleven stores; 51/49 corporate-vs-franchise mix; THB 440B convenience segment; CP Axtra parent of Makro and Lotus's; TrueMoney virtual-bank licence June 2025.

Key takeaways

1
CP All (SET: CPALL) FY2024 consolidated revenue (+ YoY); convenience-store segment alone (+).
2
15,430 7-Eleven stores nationwide as of May 2025; ~ corporate-owned, ~ franchise / sub-area licensee; FY2024 net adds ~700 stores.
3
Unit economics: average daily sales per store ; average ticket ; 978 customers per store per day.
4
CP All majority-owns CP Axtra (SET: CPAXT) post-2021 restructuring — CPAXT FY2024 revenue ; net profit (+); omni-channel of total.
5
TrueMoney (CP-led consortium) secured a BOT virtual-bank licence in June 2025; 7-Eleven becomes the cash-in / cash-out network for an inaugural Thai virtual bank.

Executive summary

CP All (SET: CPALL) is the master franchisee of 7-Eleven in Thailand and the dominant operator in Thai modern-trade retail. FY2024 consolidated revenue reached , up YoY; the convenience-store segment alone delivered (+). The 7-Eleven network grew to 15,430 stores by May 2025 with ~ corporate-owned and ~ franchise / sub-area licensee — adding roughly 700 net stores in FY2024 against the disclosed annual roll-out target.^{[, ]}

The CP All group structure widened materially with the 2021 restructuring that consolidated Lotus's under CP Axtra (SET: CPAXT) alongside Makro. CPAXT FY2024 revenue was ; net profit (+); omni-channel sales reached of total — a meaningful retail e-commerce position by Thai standards. CP All majority-owns CPAXT, so the consolidated CP-flagged retail footprint covers convenience (7-Eleven), wholesale (Makro), hypermarket and supermarket (Lotus's), and Lotus's GO Fresh mini-mart.^{[, , ]}

The differentiator is no longer scale — it's network leverage. 7-Eleven's daily store-foot-traffic feeds bill-pay, parcel pickup, TrueMoney top-up, and (from June 2025) one of Thailand's first virtual banks via the CP-led consortium that won the BOT licence. The single-store unit economics — daily sales, 978 customers, average ticket — convert into a payment-rail and digital-banking moat that pure-play retailers cannot replicate.^{[, , ]}

CP All FY2024 56-1, CPAXT results, BOT statistics

Data as of: FY2024

CP All consolidated revenue, FY2020-FY2024 (THB billion)

FY2020

Revenue (THB B)

546

Context

Pre-Tesco Lotus acquisition; convenience anchor

FY2021

Revenue (THB B)

580

Context

Lotus's Thailand integrated mid-year

FY2022

Revenue (THB B)

728

Context

First full year with Lotus's; CPAXT spin-up

FY2023

Revenue (THB B)

921

Context

Post-Makro / Lotus's merger into CPAXT

FY2024

Revenue (THB B)

988

Context

+7.2% YoY; convenience segment +10.1%

Year	Revenue (THB B)	Context
FY2020	546	Pre-Tesco Lotus acquisition; convenience anchor
FY2021	580	Lotus's Thailand integrated mid-year
FY2022	728	First full year with Lotus's; CPAXT spin-up
FY2023	921	Post-Makro / Lotus's merger into CPAXT
FY2024	988	+7.2% YoY; convenience segment +10.1%

CP All 56-1 / MD&A series, SET CPALL factsheet

Data as of: FY2024

Modern-trade store-format mix (Thailand, 2024-2025)

7-Eleven (CP All)

Stores

15,430

Notes

May 2025; ~51% corporate, ~49% franchise / sub-area licensee

Lotus's hypermarket (CP Axtra)

Stores

228

Notes

Dec 2025; Sriracha was the 228th opening

Lotus's supermarket / Go Fresh (CP Axtra)

Stores

~2,228

Notes

178 supermarket plus ~2,050 mini-mart in 75 provinces (2023 baseline)

Big C / Mini Big C (BJC)

Stores

~1,700

Notes

TCC Group; second hypermarket player

Tops / Tops Daily (CRC)

Stores

~750

Notes

Central Retail; ~200 ex-FamilyMart sites rebranded as Tops Daily 2024

Operator and format	Stores	Notes
7-Eleven (CP All)	15,430	May 2025; ~51% corporate, ~49% franchise / sub-area licensee
Lotus's hypermarket (CP Axtra)	228	Dec 2025; Sriracha was the 228th opening
Lotus's supermarket / Go Fresh (CP Axtra)	~2,228	178 supermarket plus ~2,050 mini-mart in 75 provinces (2023 baseline)
Big C / Mini Big C (BJC)	~1,700	TCC Group; second hypermarket player
Tops / Tops Daily (CRC)	~750	Central Retail; ~200 ex-FamilyMart sites rebranded as Tops Daily 2024

CP All store-count May 2025, Lotus's corporate disclosures, Nation Thailand Tops Daily rebrand coverage, BJC and CRC factsheets

Data as of: FY2024 / 2025-Q4

Analyst framing

Why this report

CP All / 7-Eleven is not just the largest convenience-store network in Thailand — it is the dominant payment-rail and last-mile distribution layer for Thai retail. The deep-dive lens is unit economics, format-by-format competitive structure, and the virtual-bank licence that converts the store network into a banking distribution channel. CP Axtra layers the wholesale and hypermarket arm on top, anchoring the group's wholesale-to-retail integrated economics.

Operator playbooks

CP All (SET: CPALL) — the master franchisee model. CP All holds the exclusive 7-Eleven Thailand licence under Seven and i Holdings; its Thailand network is now the second-largest single-country 7-Eleven count globally (behind Japan). The 51/49 corporate-franchise mix gives CP All control over flagship and high-traffic locations while franchisees absorb capex on suburban and provincial sites. Average daily sales per store THB 83,906 with an average ticket of THB 85 implies roughly 978 customers per store per day — a transaction frequency unmatched by any Thai retail format.

CP Axtra (SET: CPAXT) — wholesale and hypermarket integration. The 2021-2022 restructuring brought Makro and Lotus's under a single listed entity in which CP All holds majority. CPAXT FY2024 revenue of THB 512B and net profit of THB 10.8B (+23.5%) reflect both wholesale stability (Makro serving small-restaurant and small-retailer customers) and hypermarket recovery (Lotus's hypermarket count reaching 228 by Dec 2025). Omni-channel sales at 18% of total mark CPAXT as the largest grocery e-commerce operator in Thailand on absolute volume.

Berli Jucker / Big C (SET: BJC) — TCC Group hypermarket counterweight. BJC operates Big C hypermarket and the Mini Big C convenience-format spin-off, plus packaging and FMCG distribution lines. Big C is the second-largest hypermarket player after Lotus's; it competes head-on with CPAXT in mass-tier grocery but lacks CP All's single-channel convenience volume. Strategic question: whether TCC Group's mall and beverage adjacencies can compensate for the 7-Eleven advantage in transaction frequency.

Central Retail (SET: CRC) — multi-format, the FamilyMart counterfactual. CRC operates Tops, Tops Daily, Central Food Hall, and historically partnered with FamilyMart Thailand. After FamilyMart Thailand recorded five consecutive years of losses, Central Group rebranded approximately 200 sites as Tops Daily in 2024 — an explicit retreat from the convenience-versus-7-Eleven battle. CRC now competes in supermarket and food-hall formats where its premium positioning works, ceding the daily-frequency convenience layer to CP All.

CP All convenience-store segment revenue (THB billion, FY2022-FY2024)

FY2022

Segment revenue (THB B)

365

YoY growth

baseline

Notes

Post-COVID recovery; per-store traffic normalising

FY2023

Segment revenue (THB B)

399

YoY growth

+9.3%

Notes

Reopening tailwind; ticket-size growth

FY2024

Segment revenue (THB B)

440

YoY growth

+10.1%

Notes

+700 net stores, ready-meal and All Café acceleration

Year	Segment revenue (THB B)	YoY growth	Notes
FY2022	365	baseline	Post-COVID recovery; per-store traffic normalising
FY2023	399	+9.3%	Reopening tailwind; ticket-size growth
FY2024	440	+10.1%	+700 net stores, ready-meal and All Café acceleration

CP All FY2024 MD&A — segment reporting

Data as of: FY2024 full-year

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