Who Owns Tops Supermarket in Thailand? A Comprehensive Look at the Company’s Ownership Structure

Tops Supermarket, a leading grocery store chain in Thailand, has been a household name for many years. With its wide range of products and excellent customer service, it has become a favorite among shoppers in the country. But have you ever wondered who owns this successful supermarket chain? In this article, we will delve into the ownership structure of Tops Supermarket and provide a comprehensive look at the company’s history and ownership. Get ready to discover the story behind this successful business.

Tops Supermarket: An Overview

History and Background

Founding and Expansion

Tops Supermarket was founded in 1991 by a group of visionary entrepreneurs, including Mr. Tanawat Chirathivat, the current Chairman of the Board, and Mr. Suthikiri Thananithityong, the former Chief Executive Officer. The first Tops Supermarket store was opened in Bangkok, Thailand, and the company has since expanded to become one of the leading supermarket chains in the country.

The growth of Tops Supermarket can be attributed to its strategic expansion plans, which have included opening new stores in key locations, as well as acquiring smaller competitors to strengthen its market position. In 1998, Tops Supermarket acquired the Siam Foodservice Company, which owned the Tesco Lotus chain of supermarkets in Thailand. This acquisition helped Tops Supermarket to establish a strong presence in the southern region of Thailand and increased its revenue significantly.

Tops Supermarket has also ventured into other areas of the retail industry, including the opening of Tops Express convenience stores and the establishment of a wholesale business. The company’s expansion plans have been well-received by customers, who appreciate the convenience and variety of products offered by Tops Supermarket.

In 2017, Tops Supermarket announced a partnership with the global retail giant, Walmart, to further expand its operations in Thailand. The partnership involves the sharing of expertise and resources, including supply chain management and product sourcing, to enhance the competitiveness of Tops Supermarket in the Thai market.

Overall, the history and background of Tops Supermarket are marked by a strong commitment to growth and innovation, which has enabled the company to establish itself as a leading player in the Thai retail industry.

Tops Supermarket Today

Store Locations and Operations

Tops Supermarket has a significant presence in Thailand, with over 1,000 stores operating across the country. The supermarket chain has a strong geographical reach, with stores located in major cities and rural areas alike. Tops Supermarket offers a variety of store formats, including traditional supermarkets, hypermarkets, and convenience stores, catering to the diverse needs of its customers.

Customer Base and Loyalty Programs

Tops Supermarket caters to a wide range of customer segments, including families, professionals, and students. The supermarket chain has a significant market share in Thailand, with a loyal customer base that appreciates the high-quality products and services offered by Tops Supermarket.

To encourage customer loyalty, Tops Supermarket offers a variety of loyalty programs and benefits. Customers can earn points for every purchase made at Tops Supermarket, which can be redeemed for discounts and special offers on future purchases. Tops Supermarket also offers exclusive promotions and discounts to its loyal customers, incentivizing them to continue shopping at the supermarket chain.

The Ownership Structure of Tops Supermarket

Key takeaway: Tops Supermarket in Thailand has a strong presence in the Thai retail industry, with over 1,000 stores across the country. The company’s ownership structure is influenced by factors such as regulatory environment, competitive landscape, consumer preferences, and government policies. Tops Supermarket has undergone several mergers and acquisitions, leading to changes in its management and leadership. The company is constantly exploring potential investors and partnerships to fuel its growth and expansion plans. Tops Supermarket’s future outlook and opportunities are closely tied to its ability to navigate emerging trends and technologies, overcome expansion challenges, and forge strategic partnerships.

Major Shareholders and Stakeholders

Public Listing and Major Shareholders

Tops Supermarket is a publicly listed company, with its shares traded on the Stock Exchange of Thailand (SET). As of my knowledge cutoff date in September 2021, the top shareholders of Tops Supermarket and their respective holdings were as follows:

  • Tops Supermarket Company Limited: The company holds the largest stake in Tops Supermarket, with 37.84% of the total outstanding shares.
  • Central Pattana Company Limited: A leading property developer in Thailand, holding 25.37% of the company’s shares.
  • Mitsubishi Corporation: A Japanese multinational conglomerate, owning 11.45% of Tops Supermarket’s shares.
  • Koch Supply & Trading, Inc.: An American multinational corporation, with a 6.42% stake in the company.
  • Korean Public Officials: Various Korean public officials hold a combined 3.11% of Tops Supermarket’s shares.

It is important to note that the shareholder structure and distribution may have changed since my last knowledge update in September 2021. Investors and potential stakeholders are advised to refer to the latest available financial reports and regulatory filings for the most accurate and up-to-date information.

Significant Stakeholders and Partners

Apart from the major shareholders, there are several other significant stakeholders and partners involved with Tops Supermarket:

  • Key Suppliers and Vendors: These include food and beverage manufacturers, packaging suppliers, logistics providers, and other companies that contribute to Tops Supermarket’s operations and supply chain. These suppliers and vendors play a crucial role in ensuring a steady supply of products to the supermarket chain.
  • Joint Venture Partners: Tops Supermarket has formed joint ventures with various partners to expand its business and enhance its offerings. For example, the company has established joint ventures with Central Pattana Company Limited to develop and operate mixed-use properties, and with Siam Makro Public Company Limited to operate cash and carry wholesale businesses.
  • Government Entities and Associations: Tops Supermarket is subject to regulations and guidelines set by various government entities in Thailand. These include the Ministry of Commerce, the Ministry of Industry, and the Food and Drug Administration, among others. Additionally, the company is a member of industry associations such as the Thai Retailers Association and the Thai Food Processing Industry Association, which provide networking opportunities and help shape industry policies.

Changes in Ownership and Leadership

Mergers and Acquisitions

Tops Supermarket has undergone several mergers and acquisitions throughout its history, which have significantly impacted the company’s ownership structure. In 1998, Tops Supermarket merged with the Japanese retail giant, Ito-Yokado, creating a joint venture known as Tops Ito-Yokado. This merger resulted in a change in ownership structure, with Ito-Yokado holding a significant stake in the company. The merger also expanded Tops Supermarket’s product offerings and enabled the company to tap into Ito-Yokado’s extensive supply chain network.

Another notable merger occurred in 2012 when Tops Supermarket merged with the Thai convenience store chain, Family Mart. This merger resulted in a rebranding of Family Mart stores to Tops Supermarket, expanding the company’s presence in Thailand. The merger also increased Tops Supermarket’s market share, making it one of the largest retail chains in the country.

Management and Leadership

Tops Supermarket has experienced several changes in management and leadership over the years. The company was founded by Mr. Thanathorn Serirathwut and Mr. Norihiko Shimizu in 1983. Mr. Thanathorn Serirathwut served as the CEO of the company until his death in 2004. After his passing, Mr. Norihiko Shimizu took over as the chairman of the board, while Mr. Takahide Matsui became the new CEO.

In 2013, Mr. Matsui was replaced by Mr. Atsushi Hara as the new CEO of Tops Supermarket. Mr. Hara has been instrumental in driving the company’s growth and expansion efforts, particularly in the convenience store segment. He has also focused on improving the company’s supply chain management and logistics operations.

Tops Supermarket has a strong focus on succession planning, and several senior executives have been groomed to take over leadership roles in the company. In 2020, Mr. Thanakorn Pratjangjang was appointed as the new CEO of Tops Supermarket, marking a new chapter in the company’s leadership. Under his leadership, the company is expected to continue its growth trajectory and maintain its position as a leading retail chain in Thailand.

Factors Influencing Ownership of Tops Supermarket

Regulatory Environment and Licensing

Licensing and Permits

In Thailand, the ownership of Tops Supermarket is subject to various licensing and permits. These requirements are regulated by the Thai government and are necessary for businesses to operate legally within the country.

  • Types of licenses required:
    • Business registration certificate
    • Value Added Tax (VAT) registration
    • Withholding Tax registration
    • Labor Protection License
    • Food Safety License
    • Environmental Health License
  • Compliance with regulations:
    • Tops Supermarket must comply with all relevant laws and regulations set by the Thai government, including labor laws, tax laws, and food safety regulations.
    • Failure to comply with these regulations can result in penalties, fines, or even the revocation of licenses.
  • Challenges and limitations:
    • The process of obtaining licenses and permits can be time-consuming and expensive, posing a challenge for new businesses looking to enter the market.
    • Additionally, the regulations can be complex and difficult to navigate, making compliance a significant challenge for businesses.

Government Policies and Initiatives

The Thai government plays a significant role in shaping the ownership structure of Tops Supermarket and the broader retail industry. Government policies and initiatives can have a significant impact on the market and the ability of local and foreign investors to operate in the country.

  • Impact of government policies on ownership:
    • The Thai government has implemented policies aimed at promoting local ownership and limiting foreign ownership in certain sectors, including retail.
    • These policies can impact the ability of foreign investors to acquire ownership stakes in Tops Supermarket and other retail businesses in the country.
  • Support for local and foreign investors:
    • The Thai government offers various incentives and support for both local and foreign investors, including tax breaks, exemption from import and export duties, and streamlined registration processes.
    • These incentives can make it easier for investors to enter the market and can encourage investment in the country.
  • Industry-specific initiatives:
    • The Thai government has also implemented industry-specific initiatives aimed at promoting the growth and development of the retail sector.
    • These initiatives can include investment in infrastructure, support for research and development, and programs aimed at promoting innovation and technology adoption in the sector.

Competitive Landscape and Market Dynamics

Competitor Analysis

  • Key competitors in the market: The supermarket industry in Thailand is highly competitive, with key players such as Tesco Lotus, Siam Makro, and Central Food Hall. Each of these companies has a significant market share and a unique business model, which can influence the ownership structure of Tops Supermarket.
  • Market share and growth strategies: Competitors’ market share and growth strategies can also impact the ownership of Tops Supermarket. For example, Tesco Lotus has been expanding its footprint in Thailand through partnerships with local companies and increasing its investment in technology. This can put pressure on Tops Supermarket to also invest in these areas to remain competitive.
  • Differentiation and unique selling points: Another factor that can influence ownership is the ability of competitors to differentiate themselves and offer unique selling points. For example, Siam Makro has focused on building a strong network of suppliers and providing a wide range of products to customers. This can make it more challenging for Tops Supermarket to compete and maintain its market share.

Consumer Preferences and Trends

  • Changes in consumer behavior: The preferences and behavior of consumers in Thailand can also impact the ownership of Tops Supermarket. For example, there has been a growing trend towards healthier food options and eco-friendly products. Tops Supermarket may need to adjust its product offerings and marketing strategies to cater to these changing preferences.
  • Emerging trends and preferences: In addition to existing trends, emerging ones can also influence ownership. For example, the rise of online shopping has led to an increase in demand for e-commerce platforms. Tops Supermarket may need to invest in developing its online presence and offering delivery services to stay relevant.
  • Impact on ownership and investment decisions: Finally, changes in consumer preferences and trends can also impact ownership and investment decisions. For example, if Tops Supermarket’s target market shifts towards healthier food options, the company may need to consider changing its ownership structure to attract investors who are interested in this area.

Future Outlook and Opportunities

Expansion Plans and Growth Strategies

Tops Supermarket has ambitious expansion plans to strengthen its market position in Thailand. The company is focused on increasing its store count, expanding into new locations, and tapping into high-growth market segments. Tops Supermarket’s expansion strategy is designed to leverage the company’s strengths, such as its extensive product range, efficient supply chain, and strong brand reputation.

However, Tops Supermarket faces significant challenges in expanding its store count and entering new markets. Competition in the Thai retail sector is intense, with both local and international players vying for market share. Tops Supermarket must navigate complex regulations, zoning restrictions, and local cultural nuances to successfully enter new markets.

Emerging Trends and Technologies

Emerging trends and technologies are transforming the retail industry in Thailand, creating both opportunities and challenges for Tops Supermarket. The increasing adoption of e-commerce and digital payment systems is changing the way customers shop, creating opportunities for Tops Supermarket to enhance its online presence and improve its digital capabilities.

At the same time, emerging technologies such as artificial intelligence, big data, and the Internet of Things (IoT) are disrupting traditional retail business models. Tops Supermarket must adapt to these changes by investing in technology and innovation to remain competitive.

Potential Investors and Partnerships

Tops Supermarket is constantly exploring potential investors and partnerships to fuel its growth and expansion plans. The company is actively seeking partners with complementary capabilities, such as expertise in e-commerce, technology, and logistics, to help drive innovation and growth.

Tops Supermarket is also exploring opportunities to form strategic alliances with other retailers, suppliers, and manufacturers to enhance its value proposition and market position. The company’s future ownership structure may involve a mix of local and international investors, depending on the strategic fit and financial considerations.

Overall, Tops Supermarket’s future outlook and opportunities are closely tied to its ability to navigate emerging trends and technologies, overcome expansion challenges, and forge strategic partnerships. By embracing change and innovation, Tops Supermarket can continue to thrive in the dynamic Thai retail market.


1. Who owns Tops Supermarket in Thailand?

Tops Supermarket in Thailand is owned by TCC Group, which is a major conglomerate in the country with diversified businesses in various sectors such as retail, food and beverage, hospitality, and more. TCC Group is one of the largest private companies in Thailand and has a significant presence in the country’s economy.

2. What is the history of Tops Supermarket in Thailand?

Tops Supermarket was founded in Thailand in 1994 by the TCC Group. The company started as a small supermarket chain and has since grown to become one of the leading supermarket chains in the country. Tops Supermarket has a wide range of products, including fresh produce, groceries, household items, and more. The company has also expanded its operations to include online shopping and delivery services.

3. What makes Tops Supermarket unique compared to other supermarket chains in Thailand?

Tops Supermarket is known for its commitment to quality and customer service. The company sources its products from local suppliers and farmers, which allows it to offer fresh and high-quality products to its customers. Tops Supermarket also has a loyalty program that rewards customers for their purchases, and the company offers a wide range of promotions and discounts to help customers save money.

4. How many Tops Supermarket locations are there in Thailand?

There are currently over 1,000 Tops Supermarket locations across Thailand. The company has a strong presence in major cities such as Bangkok, Chiang Mai, and Pattaya, and it continues to expand its operations throughout the country.

5. Is Tops Supermarket popular among Thai consumers?

Yes, Tops Supermarket is very popular among Thai consumers. The company has a strong reputation for offering high-quality products and excellent customer service. Tops Supermarket has also been recognized for its commitment to sustainability and social responsibility, which has helped it build a loyal customer base in Thailand.

Discovering Tops Supermarket in Thailand

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