Global House revenues fall 8.4 per cent in 2023

Thailand-based home improvement retailing chain Siam Global House reported an 8.42 per cent fall in net sales for 2023, owing mainly to the weak economy in its home country. Information from the company which was disclosed on the Stock Exchange of Thailand indicate that Global House, which also operates a subsidiary in Cambodia, made consolidated net sales of 32.3 bn Thai baht (THB, EUR 831.97 mio) in the whole of 2023. In Thailand alone, net sales for the period hit THB 31.827 bn, down 8.4 per cent from 2022.

“The decline in sales [is] according to the economic slowdown conditions, which has an impact on the purchasing power of the public in all regions,” the company said in a statement. “[There was a] decline in sales of existing stores in 2023.”

Thailand’s economy grew 1.8 per cent last year, declining from 2.6 per cent in 2022 and slower than the Bank of Thailand’s prediction of 3.6 per cent, media reports quoting government spokesperson Chai Wacharonke state. The slowdown was due mainly to a contraction in manufacturing, they added.

Global House said it continues to employ sales promotion strategies to consistently boost product sales, and added that it spruced up ten of its stores “aiming to create an enhanced shopping experience for customers”.

The company also opened six new stores in Thailand, to bring its store network in the country to 83 at end 2023. In Cambodia, it closed the year with one store, but the second store, in Battambang, was launched last month.