Modern Trade RetailSilver report

Published April 2026Insight Research13 min read2026 Edition16 sources, 16 primary-gradeVery high source depth

Thailand Modern Trade Retail Market Intelligence

~THB 3.9T Thai retail market. CP Group (CPALL, CPAXT) ~37% share; Central Retail, BJC Big C, HomePro, Do Home listed stack. 7-Eleven, Lotus's, Makro, Big C, Tops dominate modern-trade; quick-commerce, online rising.

Key takeaways

1
Thailand's retail market reached approximately T in FY2024 per MoC, NielsenIQ, trade-body aggregates. Modern-trade channels (~ of total value) dominate Bangkok, BMR, upcountry urban while traditional trade remains significant in rural, village.
2
CP Group dominates listed Thai retail: CP ALL (SET: CPALL, FY2024 revenue ~, 7-Eleven, CP Axtra holdco), CP Axtra (SET: CPAXT, ~, post-2023 Makro, Lotus's merger). 7-Eleven at ~14,000+ stores is the single largest retail chain globally outside Japan.
3
Central Retail (SET: CRC, ~) is the independent #2: Central, Robinson department stores, Tops supermarkets, Powerbuy electronics, HomeWorks, Rinascente (Italy). BJC/Big C (SET: BJC, TCC Group, ~) holds hypermarket, packaging, consumer-goods platform. HomePro (SET: HMPRO, ~), Do Home (SET: DOHOME, ~) lead home-improvement specialty.
4
CP Group acquired Tesco Thailand (Lotus's) in 2020 for ~. Trade Competition Commission approved with conditions. Post-2023 merger combined Makro, Lotus's under CP Axtra umbrella. Concentration concerns persist among competition authorities, smaller retailers.
5
Our read: Thai modern trade is consolidating duopoly (CP, Central Groups) with BJC/Big C, specialty niches. 7-Eleven saturation, quick-commerce, online, SuperApp (TrueMoney, LINE MAN, Shopee) evolution define next cycle. Binding variables: CP-Central duopoly dynamics, Trade Competition Commission interventions, consumer-spending, inflation cycle, digital-channel shift pace.

MoC retail, listed 56-1, NielsenIQ, Kantar, TRA, SCB EIC, Krungsri

Data as of: April 2026 edition · FY2024 full-year anchor

Executive summary

What this report covers, and the thesis in one paragraph

Thailand's retail market reached approximately T in FY2024 per Ministry of Commerce, NielsenIQ, Kantar Worldpanel aggregates. Modern trade (~ of value) dominates Bangkok, BMR, urban; traditional trade (~) holds steady in rural, village despite multi-decade modern-trade growth. Four format categories: convenience stores (~ of modern trade, led by 7-Eleven), hypermarkets, supermarkets (~, led by Makro, Lotus's, Big C, Tops), specialty retail (~, home-improvement, electronics, health-beauty), and quick-commerce, online channels (~, growing fastest).^{[, ]}

Operator stack: CP Group (Chearavanont family) dominates with CP ALL (SET: CPALL, 7-Eleven, Makro, Lotus's, CP Group ecosystem), CP Axtra (SET: CPAXT, post-2023 Makro, Lotus's merger consolidation). CP ALL's 7-Eleven at ~14,000+ stores is the largest global franchise outside Japan. Central Retail Corporation (SET: CRC, Chirathivat family) is the independent #2 with Central, Robinson, Tops, Powerbuy, HomeWorks, Rinascente. BJC/Big C (SET: BJC, TCC Group, Charoen Sirivadhanabhakdi) holds hypermarket, packaging, consumer-goods. HomePro (SET: HMPRO), Do Home (SET: DOHOME) lead home-improvement specialty.^{[, , , , , ]}

Our thesis: Thai modern trade is consolidating duopoly (CP, Central Groups) with BJC/Big C, specialty operators filling niches. 7-Eleven network saturation, quick-commerce (TrueMoney, LINE MAN, Shopee, Grabmart), SuperApp evolution, o2o retailing define the next competitive cycle. Binding variables: consumer-spending, household-debt cycle, inflation, Trade Competition Commission interventions, CP-Central duopoly dynamics, digital-channel shift pace.^{[, ]}

MoC, NielsenIQ, Kantar, listed 56-1, TRA, SCB EIC, Krungsri

Data as of: April 2026 edition · FY2024 full-year anchor

Total retail market at a glance

Thailand total retail (modern, traditional), 2020–2024 (THB B, FY2024 anchor)

2020

Retail market (THB B)

~ $92.8B

YoY

base

Driver

COVID disruption; e-commerce acceleration; modern-trade temporary hits.

2021

Retail market (THB B)

~ $95.7B

YoY

+3%

Driver

Partial recovery; WFH shifts; e-grocery surge.

2022

Retail market (THB B)

~ $101.4B

YoY

+6%

Driver

Reopening, tourism restart, pent-up consumption.

2023

Retail market (THB B)

~ $107.2B

YoY

+6%

Driver

Post-merger Makro, Lotus's integration; tourism full recovery; inflation-driven ticket.

2024

Retail market (THB B)

~ $113B

YoY

+5%

Driver

Steady-state growth; consumer-spending moderation; quick-commerce acceleration.

Year	Retail market (THB B)	YoY	Driver
2020	~ $92.8B	base	COVID disruption; e-commerce acceleration; modern-trade temporary hits.
2021	~ $95.7B	+3%	Partial recovery; WFH shifts; e-grocery surge.
2022	~ $101.4B	+6%	Reopening, tourism restart, pent-up consumption.
2023	~ $107.2B	+6%	Post-merger Makro, Lotus's integration; tourism full recovery; inflation-driven ticket.
2024	~ $113B	+5%	Steady-state growth; consumer-spending moderation; quick-commerce acceleration.

Ministry of Commerce retail, wholesale trade index, NielsenIQ, listed aggregates

Data as of: April 2026 · FY2024 full-year anchor

Includes modern-trade, traditional-trade, select services (F&B outside QSR).

Modern-trade format mix

Thailand modern-trade retail by format (FY2024 share, directional)

Convenience store (7-Eleven, others)

~35%

Driver

7-Eleven 14,000+, Lawson 108, FamilyMart legacy, Tops Daily.

Hypermarket, supermarket

~38%

Driver

Lotus's, Big C, Makro cash-and-carry, Tops, Villa Market.

Specialty (home, electronics, health, beauty)

~15%

Driver

HomePro, Do Home, Powerbuy, Watsons, Boots.

Quick-commerce, online

~7%

Driver

Shopee, Lazada, LINE MAN Mart, Grabmart, quick-grocery.

Other (department store, mall-associated)

~5%

Driver

Central, Robinson, Siam Piwat, mall-based specialty.

Format	Share	Driver
Convenience store (7-Eleven, others)	~35%	7-Eleven 14,000+, Lawson 108, FamilyMart legacy, Tops Daily.
Hypermarket, supermarket	~38%	Lotus's, Big C, Makro cash-and-carry, Tops, Villa Market.
Specialty (home, electronics, health, beauty)	~15%	HomePro, Do Home, Powerbuy, Watsons, Boots.
Quick-commerce, online	~7%	Shopee, Lazada, LINE MAN Mart, Grabmart, quick-grocery.
Other (department store, mall-associated)	~5%	Central, Robinson, Siam Piwat, mall-based specialty.

NielsenIQ, Kantar, listed-retailer 56-1, TRA

Data as of: April 2026 · FY2024 format-mix reconciliation

Shares directional within modern trade. Quick-commerce, online growing fastest; CVS, hypermarket stable; specialty steady.

Analyst framing

Why this profile is worth unlocking

Thai modern trade is consolidating duopoly, specialty, digital evolution. CP, Central Groups dominate; BJC/Big C, HomePro, Do Home specialty fill. 7-Eleven saturation, quick-commerce define next cycle. Binding: consumer-spending, household-debt, Trade Competition politics.

Operator playbooks

CP Group duopoly anchor, Central, BJC, specialty

CP ALL (SET: CPALL, Chearavanont family CP Group, FY2024 revenue ~THB 950B) operates 7-Eleven Thailand (~14,000+ stores). 7-Eleven is the master brand; acquired 1988 exclusive Thailand franchise from 7-Eleven Inc., progressively built scale. Group ecosystem includes CP Axtra (listed subsidiary for Makro, Lotus's), TrueMoney (fintech), various CP Group subsidiaries. CP Axtra (SET: CPAXT, FY2024 revenue ~THB 500B) is post-2023 merger of Makro (cash-and-carry, founded 1989), Lotus's (acquired from Tesco 2020 for ~USD 10B).

Central Retail Corporation (SET: CRC, Chirathivat family Central Group, ~THB 260B) operates Central, Robinson department stores, Tops supermarkets, Powerbuy electronics specialty, HomeWorks home-improvement, Rinascente (Italy luxury department). Diversified geographic footprint — Thailand domestic, Vietnam, Italy. BJC/Big C (SET: BJC, TCC Group of Charoen Sirivadhanabhakdi, ~THB 170B) operates Big C hypermarket, packaging, consumer-goods. TCC Group also includes Thai Beverage, Asiatique, hospitality.

Specialty retailers: HomePro (SET: HMPRO, Land and Houses-linked, ~THB 70B) is home-improvement leader with strong Bangkok, BMR, upcountry footprint. Do Home (SET: DOHOME, ~THB 30B) is home, construction-materials specialty; different positioning (more rural, contractor-serving). Mega Home (separate from pharma Mega Lifesciences), smaller specialty operators complete long tail.

Market scenarios to 2031

Where Thai modern trade, channel mix lands by 2031

Downside: consumption, household-debt squeeze

~THB 4.2T

Household-debt constraint, inflation pressure compress discretionary retail. 7-Eleven saturation limits CPALL growth. Central Retail, BJC margin under pressure from quick-commerce, discount competitors. Market compounds ~2-3%.

Base case

~THB 4.7T

Market compounds ~4-5% annually; CPALL, CRC, BJC hold share; quick-commerce, online shift continues but plateaus. Specialty (HomePro, Do Home) grows with housing cycle. Traditional-trade slow decline continues.

Upside: consumer-spending, premium shift

~THB 5.3T

Ageing, premium-consumer demand shift drives specialty, premium-retail premium. Tourism supports premium department, duty-free. Quick-commerce, SuperApp evolution accelerates. CP, Central both re-rate.

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Key figures

Selected anchors from the report evidence pack.

FY2024

~14,800 stores

7-Eleven Thailand store count

CP ALL 56-1 FY2024

FY2024

~THB 260B

Central Retail FY2024 revenue

Central Retail 56-1 FY2024

FY2024

~200 large-format, hundreds mini

Big C, BJC hypermarket stores

BJC 56-1 FY2024

FY2024

~THB 70B

Home Product Center (HomePro) revenue

HomePro 56-1 FY2024

FY2024

~50-55%

Modern trade share of Thai retail

NSO, TDRI, Nielsen

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