Page 50 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

For Italy, Central Retail is the leading luxury department store operator of the country, with 9 Rinascente Department
Store in 8 cities across the country as of 31 December 2021. The prestige, sophistication and heritage of Rinascente
Department Store provide compelling opportunities in expanding the business. The flagship stores, located in Milan
and Rome, are one of Europe’s premier shopping destinations for tourists. With the data analysis of customers in
Italy, Central Retail has applied the findings to the its businesses in other countries in the area of tourism, luxury
brands and affordable luxury markets. Additionally, the expansion of tourist customer base is a key factor towards
Central Retail’s continuous business growth in Italy, and is also essential to its business growth in Thailand. Hence,
Central Retail plans to adopt effective marketing strategies to attract more tourists continually. Nevertheless, the
COVID-19 situation and the country’s lockdown measure have placed a huge impact on the tourism market. Central
Retail therefore has turned its attention to domestic customers while preparing for the tourism sector expected to be
recovered. Central Retail intends to expand its business in Italy by focusing on providing customers with superior
in-store shopping experiences by constant store renovation and decoration, which will attract more well-known
brands as well.

For Italy, in 2021, Central Retail has completed the renovation of the Florence store under the Store of Craft concept,
which represents the concept of Florence as the birthplace of unique fashion trends. Also, Central Retail is preparing
for the renovation of the Roma Fiume store to become a mini-flagship store, as well as the renovation of the Milan
store. The store renovation is expected to enhance the exclusivity of the shopping experience and help attract both
luxury and affordable luxury brands to these renovated stores. This also increases the number of visitors to the store
as well as the sales revenue of Central Retail.

50 Annual Report 2021 (Form 56-1 One-Report)