MaxValu to exit Thailand after 42 years, rebranding all stores to Tops

The Japanese supermarket chain MaxValu is ending its 42-year history in Thailand. Central Food Retail (CFR), a subsidiary of Central Retail Corporation (CRC), has acquired 100% of the shares from Aeon Thailand.

All 30 MaxValu locations across Bangkok and other provinces will be rebranded as ‘Tops’ by October 16. To mark the transition, MaxValu is holding a closing sale with discounts of up to 70% until stock is depleted.

The decision follows a period of declining financial performance for Aeon Thailand. Annual revenue dropped from over 5.6 billion baht in 2022 to approximately 4 billion baht projected for 2025, while net profits shifted from a 104 million baht surplus in 2022 to a projected 265 million baht deficit in 2025. This downturn is attributed to intensifying competition and reduced consumer purchasing power in the Thai retail market.