Thai retailer is open to investing in Selfridges if conditions are right

CENTRAL Retail, one of Thailand’s biggest retailers, is open to investing in the iconic Selfridges department store if the opportunity meets the right conditions.

In a statement on Friday (Jan 5), Central Retail said that it would assess any new investment based on whether it aligns with its strategic business plan, is appropriately priced, and has optimal timing.

The retailer noted that it has not received any communication from its parent Central Group – which has also been majority owner of Selfridges since November – about an investment.

Central Retail’s statement follows reports that Central Group is seeking new investment partners amid a potential cash crunch at Selfridges.

Accounts filed last week show the department store’s holding company, Cambridge Properties Holding, is in discussions with Central Group for future financing to pay upcoming debt after Signa Prime Selection – Cambridge’s co-owner – applied for insolvency.

Central Retail, whose businesses include malls in Vietnam, Italy and Thailand, in 2022 turned down an offer to invest in Selfridges. It said that any investment it makes must contribute positively to the company and prioritise maximum benefit to shareholders.

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Central Group bought Selfridges with Rene Benko’s Signa in 2022. Together they co-own the property, as well as the operating business. Interest payments on the property company’s £2.2 billion (S$3.7 billion) of debt have soared since then, leaving it dependent on support from its owners.

Central Group also has control over other department stores in the Selfridges group, including Brown Thomas & Arnotts in Ireland, and De Bijenkorf in the Netherlands.