‘Know thy enemy’ is the phrase, and it’s being put into practice by Tesco Lotus in Thailand’s competitive food retail business.
Tesco Lotus has been studying consumer buying behaviour in Thailand’s wet markets, which still own the majority of the country’s fresh produce sales.
The retailer’s chief marketing officer Kurt Kamp told local media Tesco Lotus had been sending a team to wet markets to observe consumer demand, analysis of which will feed back into the company’s fresh food merchandising practices.
“Many customers now recognise Tesco Lotus as a ‘wet market with an air conditioner’, so we have massive potential to lure wet market customers,” Mr Kamp told the Bangkok Post.
The wet-market strategy is the latest evidence that Tesco Lotus is serious about growth in Thailand.
Just last week, the company announced the initial public offering (IPO) of its retail property fund. The IPO is expected to raise US$472m, which will be reinvested in Tesco Lotus’ Thai operations.
Tesco Lotus has also launched a new Bt150m (US$4.8m) ‘Give, Give, Give’ promotion campaign to tie in with its 17th birthday in Thailand. It predicts a double-digit percentage growth in visitor numbers during the promotion.
