Home improvement segment drives Thailand retail sales in April

The monthly demand surge lifted the sector as retail gaps widen across categories.

Home improvement led Thailand’s same-store sales in April 2026, rising 4% year on year (YoY), supported by a low base in April 2025, higher electrical appliance sales, construction material stockpiling, and higher selling prices linked to costs, according to a UOB Kay Hian report.

April recorded the strongest monthly same-store sales in the second quarter (Q2) of 2026, driven by stockpiling demand despite a slowdown in late April.

Grocery retail rose 1.5% YoY in same-store sales, lagging home improvement due to limited pricing power and a smaller base effect.

Central Retail Corporation (CRC) Food Thailand recorded 8% growth, whilst Central Pattana Public Company Limited (CPN) reported positive mall traffic in April, extending first quarter (Q1) 2026 trends.

Lifestyle retail posted flat same-store sales YoY due to a high base in April 2025, with mixed performance across operators.

The report noted that Q2 2026 earnings are projected to improve versus Q1 2026.

CP ALL Public Company Limited and CPN are key contributors, with net profit growth of 6% and 16%, respectively, on a Q1 2026 comparison basis.

CRC and Home Product Center Public Company Limited reported weaker earnings trends, with net profit down 17% and 18%, respectively, due to the absence of tax rebate support.

Moshi Moshi Retail Corporation Public Company Limited (MOSHI) and MR. D.I.Y. Holding (Thailand) Public Company Limited posted net profit growth of 19% and 21%, respectively, driven by sales growth and margin expansion.

The retail sector holds a “market weight” view, with CPN and MOSHI as preferred exposures.

Home improvement retail is preferred over grocery retail due to pricing power, margin support, and Q2 2026 conditions.