The gradual release of 2025 financial results from the retail sector reflects that many companies are still grappling with multiple areas of pressure, including a yet-to-recover purchasing power, the impact of various government measures, and intensifying competition from traditional rivals and e-commerce platforms.
Amidst these shifting conditions and changes in consumer behavior, the market and investors are placing greater emphasis not only on sales growth, but particularly to the “quality of business structure.” Those with stronger structures gain a competitive edge. Therefore, a robust business structure for retail groups should consist of the following key factors:
Branch Network: Key Advantage for On-Offline Sales
In an era where consumer behavior increasingly links online and offline experiences, branches serve not just as physical points of sale, but also as online product distribution centers. A wider branch network provides an advantage in faster customer service and reduced delivery costs.
Strong Online Platforms: The “Heart” of Competition
An online platform delivering superior customer experience—in terms of convenience, product variety, tailored promotions, an appealing membership system, and effective integration of both B2B and B2C customer bases—significantly strengthens online sales growth. This is a critical structural element investors must consider for retail stocks.
Diverse Customer Base Across B2B and B2C
A diverse customer base is a crucial business advantage, preventing overreliance on income from any single group. Having both B2B customers (e.g., businesses, restaurants, hotels) and B2C clients (general consumers) creates a more balanced income structure. For instance, if household purchasing slows, B2B income may still grow with tourism; whereas if government measures stimulate B2C consumption, B2B sales can still rise due to the purchase from grocery stores and restaurants participating in the stimulus measure. Thus, a mix of B2B and B2C clients effectively diversifies risk and stabilizes financial results.
Potential for Overseas Expansion for New Markets
Investors should also focus on the company’s capacity and speed in expanding into foreign markets, particularly those with strong economic growth and further retail market opportunities.
Examining Thai Players in Retail Sector
Given these factors, investors must look at which Thai retail and wholesale companies meet these criteria. Major companies such as CP AXTRA Public Company Limited (SET: CPAXT) stand out for their strong business structure.
The company possesses both B2B and B2C customer bases, a nationwide branch network, and integrated online platforms like Lotus’s Smart App and Makro PRO. The latter was recently ranked by Euromonitor International as Thailand’s No. 1 e-commerce platform, not to mention the partnership with Cainiao, a Chinese e-commerce logistics company from Alibaba Group.
CPAXT has shown notable speed and potential in overseas expansion, as evidenced by last year’s acquisition of Renewed Hope Pte. Ltd., which manufactures, imports, and distributes food to hotels, restaurants, and retail and wholesale clients in Malaysia. Additionally, Makro plans to expand in the Philippines through cooperation with Ayala Corporation, one of the nation’s largest conglomerates with significant roles in real estate, banking, telecommunications, and renewable energy.
Beyond operations, sustainability is also a vital consideration for investment funds. CPAXT has demonstrated outstanding global sustainability performance, as reflected in the Corporate Sustainability Assessment (CSA) by S&P Global, which manages the Dow Jones Sustainability Indices (DJSI). In 2025, CPAXT achieved a total score of 88 out of 100, an increase from 2023 and 2024, elevating the company to No. 2 worldwide in the Food & Staples Retailing sector. The company also secured the highest “AAA” rating in the SET ESG Ratings 2025 by the Stock Exchange of Thailand.
Therefore, the question for investors now is not just who had the best sales growth last year, but who has the structure best positioned for long-term growth, flexibility, and adaptability to changing consumer behavior. From these criteria, CPAXT emerges as a retail stock with a standout structure worth watching in an era where retail competition is measured by readiness, speed, and quality.
