Central Group - Embrace Change in Family Conglomerates
Central Department Store is a familiar place that has played an important role in the Thai market for centuries. Now that it goes global, how can the family maintain traditional management while utilizing outside executives operating its business overseas?
At a glance
Industrial Type
Retail Company
Year Founded
1947
Country of Origin
Thailand
Locations / Branches
3,718
(As of 2022)
Abstract
Central Group, Thailand’s leading retail conglomerate, has grown from a small shop in 1947 to a global powerhouse under the Chirathivat family’s leadership. This case study examines how the family balances traditional governance with professional management, supported by a strong “family constitution” and the “Three-Circle Model” – integrating family, ownership, and business dimensions. This framework has enabled the inclusion of outside executives while preserving the family’s strategic vision and leadership legacy.
Learners are encouraged to analyze Central Group's strategies for managing global expansion, supported by non-family executives, while maintaining succession planning, utilizing its governance framework. It encourages critical thinking about how family conglomerates can embrace change while maintaining their core values in an increasingly competitive global market.
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