Intense Competition Ignites Growth Stage in Thailand’s Pharmacy Market as Watson and Boots Vie for Dominance. The market witnesses a surge in competition among retail pharmacies, characterized by extensive product offerings and value-added services.
STORY OUTLINE
- Watsons and Boots are major contenders in Thailand’s fragmented pharmacy market, which houses over 12,000 pharmacies.
- Watsons, with a 176-year history, has a global presence with 6,200 locations across 11 countries.
- Boots, in a competitive move, aims to launch 30 new outlets and enhance its popular Botanic line through a revamp.
- According to Ken Research, In terms of financial performance, Watsons outshines Boots in Thailand.
Watson and Boots emerge as major contenders in Thailand’s pharmacy market, which is currently characterized by significant fragmentation, housing over 12,000 pharmacies. Central Watson Co, the operator of Watsons specialty stores in Thailand, has allocated THB350 Mn to expand its presence with the opening of 50 new stores, store renovations, brand building, and customer relationship management. In a competitive move, Boots Retail (Thailand) Co, an archival, plans to launch 30 new outlets this year and enhance its popular Botanic line through a revamp.
1. From Humble Beginnings to Global Powerhouse
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Watsons, founded in Hong Kong 176 years ago, quickly emerged as a leading health and beauty retailer in Asia and Europe. Today, it boasts a staggering 6,200 locations across 11 countries, making it a powerhouse in the industry. On the other hand, Boots, with a history dating back 168 years in England, started as an herbal pharmacy and has diversified into various sectors over the years, including home furnishing and dentistry. However, it operates fewer branches globally, with around 3,117 stores in six countries.
2. Watsons vs. Boots in Thailand: 500+ Branches, One Clear Winner!
In Thailand, Watsons entered the scene 27 years ago, opening its first branch in the Maneeya Center. Since then, it has rapidly expanded its footprint and currently operates an impressive 500+ branches across the country. In comparison, Boots arrived in Thailand a year later, establishing its first outlet in 1997. While still a strong contender, it operates 300+ branches in Thailand, placing it behind Watsons in terms of market presence.
3. Boots vs. Watson: A Tale of Financial Contrasts!
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When it comes to financial performance in Thailand, Watsons’ figures speak for themselves. In 2019, Central Watson Company Limited, a subsidiary under the CK Hutchison Holdings Limited, reported a remarkable total revenue of ~$580 million. Meanwhile, Boots Retail (Thailand) Co., Ltd, a subsidiary of Walgreens Boots Allianz, recorded a total revenue of ~$240 million during the same period. These numbers clearly indicate Watsons’ significant edge in terms of turnover in the Thai market.
Watsons and Boots have established themselves as major contenders in Thailand’s pharmacy market. With Watsons’ expansive global presence, boasting 6,200 locations across 11 countries, and its dominant market presence in Thailand with 500+ branches, it holds a significant advantage. Financially, Watsons also outshines Boots in terms of total revenue. As the competition continues to unfold, both companies are vying for market share and striving to meet the evolving needs of Thai consumers. With their respective strategies and brand offerings, they aim to capture the attention and loyalty of Thai consumers, further shaping the landscape of the pharmacy industry in the country.