BTM (Thailand) Co, the operator of the BreadTalk bakery chain, plans to resume expansion of its bakery business in 2023 after several years of stalling growth due to the pandemic.
Vincent Toh, BTM’s Country Manager said consumers are going back to shopping while the country’s tourism sector is on the path of recovery.
BTM plans to open 4 new stores this year in Bangkok and Phuket, bringing its total number of outlets to 63.
Toh said, “The bakery industry is predicted to rise further in 2023 as the economy is recovering. Some 80-85% of BreadTalk businesses are in Bangkok and the remaining 15-20% are in upcountry areas. Therefore, there is still potential for the BreakTalk brand to grow further in the next 2-3 years.”
BTM also plans to remodel its existing branches to make them more modern and appealing to consumers. He mentioned that competition is stiff in Thailand as consumers have more choices of bakery from online offerings and non-bakery chains – i.e not only big bakery chains but also small home-based bakery operators and bakery products provided by retail chains.
He estimated the bakery industry in Thailand to be worth Bt 10 billion (US$305 million) annually and its growth potential is huge as Thais usually consume bakery as a regular dessert.
BreadTalk business has already returned to the pre-pandemic level and it expects single-digit growth in 2023.
