Makro breaks ground on capital’s first wholesale retail warehouse
Makro breaks ground on capital’s first wholesale retail warehouse
Makro Cambodia, the local arm of international cash-and-carry wholesaler Makro, held a groundbreaking ceremony yesterday for construction of its first outlet in the Kingdom, which is expected to launch operations in December.
The 10,000-square-metre wholesale retail warehouse will be built on a 5-hectare plot in Pong Peay City, a residential and retail project under development in the capital’s Sen Sok district.
Makro Cambodia is a joint venture between Thailand-listed company Siam Makro and LYP Group, a conglomerate owned by Cambodian tycoon and ruling party senator that is also the developer of Pong Peay City.
Suchada Ithuarukul, the chief executive of Siam Makro, said during the groundbreaking ceremony that the stable growth of Cambodia’s economy and the continuous expansion of Phnom Penh were providing a huge opportunity for Makro’s warehouse club model. She said the outlet’s customers would include small retailers, food and service providers, hotel and restaurants.
“We set a wide range of quality products and supplies so that our members customers, like small retailers and food services providers, can operate at a good margin and will allow them to manage cash flow effectively for sustainable growth,” she said.
Suchada added that Makro Cambodia was committed to collaborating with local farmers and suppliers to develop high quality, safe and clean products for its customers.
Neither representatives of Siam Makro nor LYP Group were willing to disclose details on the joint venture’s investment capital.
According to a filing by Siam Makro to the Stock Exchange of Thailand in September, the joint venture is 70 percent owned by Makro ROH Co Ltd, a wholly owned subsidiary Siam Makro, and 30 percent by Cambodian investors, with $2 million in initial registered capital.
