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Retail

Thailand's Central Group leans on Selfridges amid U.K. recession risk

Retail giant to invest in London flagship store, hotel development

Central plans to extend its online channels and loyalty program to Selfridges, introducing the British retailer to customers in Southeast Asia.   © Reuters

BANGKOK -- Thai retail giant Central Group said European luxury retail would remain the core of its growth strategy, following its purchase of British department store chain Selfridges Group.

The sale, reportedly worth 4 billion pounds ($5.3 billion), was finalized last month, at a time when the European retail sector is struggling with high inflation and the U.K. economy faces recession. Together with Austrian real estate group Signa, Central now owns 18 department stores in England, Ireland and the Netherlands under Selfridges' portfolio.

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