About 4.8 billion baht will be spent to buy three or four new plots and to open 56 new stores under CRC's business units including Robinson Department Store in Trang, scheduled to open in November this year, said CEO Tos Chirathivat. Robinson Trang will be developed under a new format with a shopping centre and cinema complex.

This year, CRC will start construction on a 10-billion-baht mixed-use commercial complex at the site of the UK Embassy in Bangkok, as well as department stores in Chiang Rai, Phitsanulok and Rama IX in Bangkok.

For overseas investment, the company expects to seal six deals in Shanghai, Beijing, Shenyang, Tianjin, Guangzhou and Suzhou.

Another 1.5 billion baht will be allocated to renovating the Robinson department store in Hat Yai and four more Central department stores in Lat Phrao, Pin Klao, Chidlom and Phuket.

CRC has set aside 3 billion baht for mergers and acquisitions this year. The company is currently negotiating three or four business deals in Thailand and abroad, and expects to conclude at least one or two big deals this year, said Mr Tos. The deals range from 1 billion to 10 billion baht. About 4-5% of sales growth this year is expected to come from the M&A strategy.

Central Retail has also budgeted 500 million baht for investment in information technology this year.

The company expects its outlets to rise this year to 473, up from 417 last year, with retail space up by 8.6% to 1.09 million square metres.

CRC will also branch out into new financial business this year. It is negotiating with insurance firms and will conclude a partnership deal next month.

In 2009 CRC achieved sales of 92.31 billion baht, up about 8% from the previous year. Sales beat initial expectations mainly through the opening of new department stores in Pattaya and Khon Kaen and other business units such as HomeWorks with Tops Supermarket under the same roof.

"It is very surprising that our growth last year was better than the performance in the past three years. The economy in the past five months was very good. Sales growth of CRC during January and February was around 13% to 14%, better than expectations," said Mr Tos.

CRC's sales from all business units this year are expected to reach 97.11 billion baht, up by 5.2% from 2009. Growth will be slowed by the six-month closure of the company's Lat Phrao branch for renovations.