Japan’s Aeon exits Thai retail to chase Vietnam’s booming middle class

SCMP | Aug. 21, 2026, 3:05 a.m. | Original
The decision by Japanese retailer Aeon to sell its MaxValu minimart chain in Thailand is the latest example of the tight grip domestic conglomerates hold over Thai consumers, retail experts say.
Yet the move also hints at the shifting economic fortunes of neighbouring Vietnam , where major Asian retailers including Aeon are competing aggressively for market share among a rapidly expanding middle class.

On September 30, MaxValu, a store beloved by many Thais for its affordability and varied fresh produce, will hand over its 30 Thai stores to Central Retail Corporation, which plans to rebrand them under its Tops minimart brand.

Aeon’s MaxValu chain in Thailand will close on September 30 as Thailand’s Central Retail completes a deal, rebranding all 30 branches as Tops. Photo: Shutterstock
Aeon’s MaxValu chain in Thailand will close on September 30 as Thailand’s Central Retail completes a deal, rebranding all 30 branches as Tops. Photo: Shutterstock

Central Group, a property-to-retail giant owned by one of Thailand’s richest families, has scooped up foreign-founded supermarkets in recent years as it expands its dominance across the domestic market.

In 2023, Central absorbed around 200 stores from the FamilyMart chain – previously operated by Japanese firm Itochu – also rebranding them as Tops.

MaxValu’s exit comes after years of struggling to gain ground in a market effectively divided between two local giants: Central Group and Charoen Pokphand (CP) Group. Both have outspent their rivals to dominate the budget and premium retail segments.

CP Group, one of Asia’s most powerful conglomerates, controls the ubiquitous 7-Eleven franchise in Thailand alongside the Makro and Lotus’s chains, the latter bought from UK retail giant Tesco in 2020.

Central Retail, a subsidiary of Central Group, operates 734 Tops stores and owns Big C, a budget hypermarket chain popular among domestic shoppers and tourists. The conglomerate, which generated over US$7.7 billion in revenue last year, disclosed the MaxValu acquisition to the Thai stock exchange in early August. The company also has a significant footprint in Vietnam, with the country accounting for roughly 17 per cent of its total sales so far in 2026.

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