Weak shopper sentiment, economic slump weigh on Global House Q3 sales

Thai home improvement retailer Siam Global House reported a decline in sales in the third quarter as the opening of new branches failed to offset the impact of shoppers’ reluctance to spend against an economic slowdown. The company disclosed sales of TBH 7.18 bn (Thai baht , EUR 196.11 mio) during the July to September 2024 period, 2.16 per cent lower than its take in the same quarter the previous year.

Six new outlets were opened from October 2023 to September 2024, Global House revealed in its financial report. But it also announced during a subsequent investors’ briefing that same store sales contracted 6.53 per cent in the third quarter. “Consumers are still concerned about delayed economic recovery and higher living costs, resulting in lower sales,” the company stated in its financial report. Turnover was also affected by global “geopolitical conflicts”, it added.

The Thai economy has…