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7-Eleven announces long awaited opening of first Cambodian store, share price rises 10%

CP All (Cambodia) the licensed franchisor of 7-Eleven have announced that it has official opened its first branch located in Chroy Changvar. The announcement came unexpectedly after the company missed its original June target.

Chairoj Tiwatmuncharoen, Senior Vice president of CP ALL said: “The opening of the first 7-Eleven store in Cambodia today, is an important symbol of friendship and good relations between the two countries, both at the government and people’s. Also, it is the starting point for CP All Group to enhance the quality of life of Cambodian people by delivering products and quality services”

(BKK:CPALL) the company’s Thai Stock Exchange-listed parent rose from THB 58 last week to THB 64 in trade today, representing a 10% rise. The company price had fallen from THB 70 in April to under THB 58 last week representing a 17% drop.

It is hoped that half of the products sold in 7-Eleven stores will come from small and medium-sized enterprises of Cambodia and help stimulate the employment of local people.

The inaugural store was expected to launch at the PTT petrol station in northern Phnom Penh’s Prek Pnov district, with another scheduled for August in the Borey Peng Huoth gated community off National Road 6A, according to the Cambodian Embassy in Thailand earlier in the year.

The company had failed to open its first Cambodian store after publicizing a June opening this year causing speculation around when the store would officially open as COVID 19 pandemic has severely impacted the retail sector.

CP All has previously told local media that the debut will be followed by six more store openings during 2021. 7-Eleven’s Cambodia entry looks to rival fellow international convenience store chains Circle K and MaxValu, as well as local retailers, Smile Mini Marts and Lucky Express, they said.

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