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SUPERMARKETS

Foodland aims for SET within 2 years

By KWANCHAI RUNGFAPAISARN

THE NATION

Foodland Supermarket, a leading local chain, yesterday announced its plan to list on the Stock Exchange of Thailand within two years.

The company, which operates 11 Foodlands, including the newest branch that opened on Thonglor Soi 8 in April, is raising its registered capital from Bt1 billion currently to Bt1.5 billion.

Somsak Teraphatanakul, chairman of Foodland Supermarket, said the new investment capital would be allocated to the company's 10,000-square-metre central warehouse and 3,000sqm supermarket on Ram Inthra Road, to be officially opened within the next two years. It will be the largest supermarket ever developed by Foodland.

The warehouse and the Ram Inthra supermarket will require between Bt500 million and Bt600 million in combined investment.

"We also plan to list on the local stock market with the aim of reducing corporate income tax. By being listed in the stock market, the company will pay only 25 per cent in income tax, down from 30 per cent being charged currently," Somsak said.

He said some of the investment capital raised by listing would be invested in future Foodland supermarkets.

"We plan to invest about Bt200 million in a new supermarket to be located on a 6-rai plot on Sukhapiban 1 Road next year. We also have a 7-rai land plot in Hua Hin and another 11 rai on Prachachuen Road [opposite Durakit Bandit University]. Both will be developed into community malls within the next one or two years, with Foodland supermarket as one of the major anchors."

Somsak said the community-mall project in Hua Hin would require more than Bt200 million in investment, with another Bt350 million for the mall project on Prachachuen Road.

He said the community malls would be developed under partnership with interested property or mall developers.

"Foodland is not a property developer, but will concentrate on retail and food businesses," Somsak said.

Foodland Supermarket achieved between Bt4.3 billion and Bt4.5 billion in sales last year. The company expects to increase its sales by 5 per cent this year despite the temporary closure of its supermarket in Sukhumvit Soi 5 for a major facelift. Closed since April, the store is scheduled to reopen in November.

"We are facing a major problem of shortage of employees, which is a major obstacle to our business expansion. The company currently employs between 2,500 and 3,000 people," Somsak said.

He added that the government's policy to raise the minimum daily wage from Bt180 to Bt300 rapidly would have a serious impact on the business.

"At Foodland, we employ about 250 people for one supermarket. About 200 of them earn the minimum wage."

He said that with the increase of the minimum wage, the company's personnel costs would be raised by about Bt3 million a month.

"The government should not raise the minimum wage rapidly at one time, but the increase should be done step by step," Somsak said. He added that such a policy would reduce the competitiveness of local business sectors, especially retail, garments and footwear, against major rivals in the region.

-- The Nation 2011-09-06

[janverbeem]

"At Foodland, we employ about 250 people for one supermarket. About 200 of them earn the minimum wage."

Something to be really proud of,Nah?

[tpiety2]

"At Foodland, we employ about 250 people for one supermarket. About 200 of them earn the minimum wage."

Something to be really proud of,Nah?

I would be proud to employ thousands of people at and hundreds above min. wage.

What do you suggest? How much should everyone be paid per month?

BTW how much over the min. wage do you pay your employees???

Just wondering, no slight intended. We are both allowed our opinions.

[janverbeem]

"At Foodland, we employ about 250 people for one supermarket. About 200 of them earn the minimum wage."

Something to be really proud of,Nah?

I would be proud to employ thousands of people at and hundreds above min. wage.

What do you suggest? How much should everyone be paid per month?

BTW how much over the min. wage do you pay your employees???

Just wondering, no slight intended. We are both allowed our opinions.

Well,I'm retired for 20 years already so I don't employ anyone anymore,but in my previous life I always paid my employees above the minimum wage as some extra's encourage peoples performance.

By the way,I'm sure you clearly understand the meaning of the word "minimum" don't you?

[tpiety2]

"At Foodland, we employ about 250 people for one supermarket. About 200 of them earn the minimum wage."

Something to be really proud of,Nah?

I would be proud to employ thousands of people at and hundreds above min. wage.

What do you suggest? How much should everyone be paid per month?

BTW how much over the min. wage do you pay your employees???

Just wondering, no slight intended. We are both allowed our opinions.

Well,I'm retired for 20 years already so I don't employ anyone anymore,but in my previous life I always paid my employees above the minimum wage as some extra's encourage peoples performance.

By the way,I'm sure you clearly understand the meaning of the word "minimum" don't you?

I believe in letting the market and the people decide how much they are paid instead of gov't.

I'm sure most people aspire to make more money which is incentive to produce more, improve skills, work harder, start their own business and think (use their brain).

Smart employers pay the most their business allows so they can maintain a loyal happy workforce.

People are usually able to improve their lot in life if they work at it long enough.

PS minimum is often the starting wage for new and unskilled workers and they are not necessarily locked in to that wage or job for life.

[janverbeem]

People are usually able to improve their lot in life if they work at it long enough.

PS minimum is often the starting wage for new and unskilled workers and they are not necessarily locked in to that wage or job for life.

So if you see that 75 % of their workforce is still at the minimum wage,then it's clear that " improving" and "salary raise" is not written in Foodlands dictionary.

[ozzieovaseas]

The only ones who will benefit from the listing of retail food companies like Foodland is the high end management IMO. It will certainly do nothing for customers or staff.

First on the agenda will be to cut the staff back to the bone and eradicate any half decent conditions the workers had, then they will hike the prices as much as the market will allow.

After that high end management can award themselves as much as they can in "performance" bonuses for all their hard work in screwing down everyone under them.

Always a very convenient excuse to say they are doing all these things to "look after the shareholders".

Edited September 6, 2011 by ozzieovaseas