CPN aims to grow its business with sustainability and with comprehensive target achievement. The company, therefore, does not only aim for short-term success, but envisages a long-standing and sustainable business. In addition to business growth, CPN recognizes the raising of standards of living in communities and society around its operating areas. CPN has now merged its standpoints on sustainability, based on CG principles, environmental concerns, and relationships with stakeholders into its business plans and strategies. Material sustainability issues and business risks are also analyzed in parallel with the formulation of business strategies. This naturally prompts CPN to carry out regular reviews of its business plans.
Strategy for Shopping Mall Expansion and Development Innovation
CPN focuses on expanding its business steadily in both Bangkok Metropolis and major economic cities in upcountry. To develop a project, a location with present and future potential is selected through in-depth analysis to ensure its suitability. Existing stores are constantly modernized to maintain their upfront position in domestic market and be ready for the ASEAN Economic Community.
CPN also strives for developing its project management process by regularly liaising with relevant units to ensure the highest efficiency and effectiveness of project development. The process starts from project planning, identifying the mall format, determining an appropriate merchandising mix, to meet customers’ needs. The process also includes communication with tenants, marketing management and provision of entertainment within the complexes such as a family entertainment center and a water park. The project management process also controls the launch of a given shopping complex on the planned time and with the planned quality. CPN, moreover, looks out for opportunities to open retail stores of new formats, which would come with new offers that can respond to customers’ needs and can add value to the stores with worthy returns on investment.
CPN looks for innovative designs and construction for store development that conform to its own standards, which stem from its first-hand experience and lessons learned. Customers’ feedback also plays an essential part in the design and construction standards. This can enhance work efficiency by reducing the construction period and investment cost within specified quality, while enabling various projects to run in parallel.
For its regional strategy, CPN has conducted additional studies on Southeast Asia investment with a focus on Malaysia and Vietnam. Today it has the support of the Central Group, which has previously invested in these countries, specifically in data, personnel, and other matters to enable CPN to analyze and develop regional projects more efficiently.
To this end, CPN has constantly prepared the organization by selecting local personnel in those countries with competency and experience in shopping centers to accelerate its business development by way of training on CPN business standards. That way, CPN-run regional shopping centers will consist of CPN components and standards, while catering to customers in such countries.
Strategy for Operational and Service Excellence
CPN focuses on store management excellence to create added value, while developing and maintaining excellence standards of CPN stores. The company has over time brought remarks from tenants and shoppers into analysis to ensure its correct and timely decisions.
- Unique Selling Point – CPN strives to strengthen its unique selling point through store modernization, both interior and exterior, to reinforce their eye-catching appearances. Some special features are added, including transport convenience. Staff development and application of innovation are also focused on to increase service efficiency. This will lead to customers’ trust and satisfaction while reducing operating costs.
- Merchandising Mix – CPN always tries to adjust its merchandising mix in parallel with the opening of new retail shops of foreign and local brands to keep up with the marketing trend. To this end, the company regularly analyzes marketing and customer information to enhance the store’s modernity, while offering shoppers diverse experiences.
- Target Marketing – To create new experiences for shoppers, CPN organizes the so-called signature events, in which tenants and communities are welcome to take part. New advertising media, such as mobile advertising, applications and various online media, are used to help boost its marketing campaigns.
- Integrated Services – CPN values the provision of integrated services for shoppers, both Thais and foreigners, including provision of information and assistance while shopping and that of security service and shopping amenities. CPN services create convenience and impression among customers, while facilitating tenants’ business operation. Regular satisfaction surveys are conducted, of which the results are systematically analyzed as part of improvement plans in various areas. The plans cover the upgrading of existing stores and developing new services to create a true “Rewarding Experience” to shoppers and partners.
- Energy-saving Management – CPN manages its stores with concerns on energy-saving and environment-friendly technology. The company pays attention to climate change and reduction of both direct and indirect emissions of GHG. CPN also values efficient use of public utilities with application of international utility benchmarking standards. The practice will lead to business expansion with responsibility for the environment and efficient resource consumption.
Strategy for Human Resource Development and Management
CPN employees represent the corporation’s main driver for stability. CPN, therefore, takes very seriously staff development to strengthen their potential. The company also values the building of stronger teamwork under the corporate culture of “To be Confidently Creative and Strive for Excellence Together” and corporate governance principles.
Giving high priority to staff career growth, CPN set up an individual’s career growth planning system and established CPN Academy as an in-house training center. To this end, the company developed various training courses for all employees. Both functional knowledge and working skills are provided to grow existing staff up their career paths as they wish. CPN also set up a new recruitment channel to draw capable individuals. Creation of ‘Rewarding Experience’ is what the company aims for in developing the organization in parallel with its workforce.
Flexible Funding Strategy
CPN places constant emphasis on provision of flexible funding to enhance business flow. In addition to CPN’s internal cash from operation, it seeks funding from other sources, including the establishment of property funds, borrowings, issuance of debentures and shares to increase registered capital in support of domestic branch expansion. CPN also studied the establishment of Real Estate Investment Trust (“REIT”). The large variety of sources of fund enables CPN to efficiently manage its business costs, while having a balanced financial ratio. The company, thus, has flexibility in seeking funds for business expansion and can be well prepared for new investment opportunities, which always adds value to the business. In this regard, CPN has in place policies on risk management and financial management that strictly regulate its funding.
Strategy for Sustainable Stakeholder Engagement
CPN listens to stakeholders’ input through various channels. Information obtained is systematically stored and analyzed as part of the company’s business plan formulation. CPN also gives feedback and encourages bilateral and multilateral discussions to maximize benefit of all parties. It promotes tenant partnership and provides tenants with an understanding of business operation and shop expansion, since tenants are regarded as important business partners and the heart of business. CPN, therefore, focuses on joint planning while nurturing good relationship with tenants and partners, of which the benefit has expanded to communities. CPN is always ready to help and solve problems with tenants to ensure their business continuity. Tenants receive support in various forms, such as organization of marketing activities to boost sales volumes, knowledge enhancement.