S&P Syndicate Plc, the operator of S&P bakeries and restaurants, plans to open 75 new bakery shops and marts over the next 3 years. Arth Prakhunhungsit, S&P Chief Operating Officer said the company will open 25 bakery shops and marts annually from 2023 to 2025. The expansion will bring the total number of bakery branches to 375 nationwide by the end of 2025.
In 2023 alone, S&P plans to open 25 new bakery shops and marts at an investment of Bt 50 million (US$1.4 million). Presently, S&P operates 437 outlets, 300 of which are for the bakery business and 137 are restaurants.
For the restaurant business, the company has introduced a new food and restaurant concept in a 100 sq.metre space at the PTT petrol station on Kluai Nam Thai Road. This new concept will be replicated at other PTT stations in the future.
The company has also set aside Bt 60 million (US$1.68 million) to renovate 30 bakeries and restaurants this year.
S&P revenue has recovered from the pandemic crisis level and it is expecting sales to surpass pre-covid 2019 figures.
S&P plans to grow its bakery business in the 2nd half of 2023 by launching new products and boost its marketing campaign during festive occasions, while at the same time uplift the image of its existing bakery shops with new renovations and quick cashless payment options.
For the restaurant business, it plans to focus on growing daily eat-in sales and maximising daily delivery sales of the company’s signature dishes and pound cake through the 1344 delivery channel. S&P also hopes to streamline its operations to cut costs like manpower and raw material costs by introducing automation at its facilities in Lamphun, Sukhumvit, Bang Na and Lat Krabang. It also plans to reduce packaging costs.
S&P projected that its bakery and restaurant business, which contributes up to 80% of its total revenue, to see a 15% jump in sales to reach Bt 15 billion (US$420 million) by 2023. The remainder will come from retail and food service business.