CP Axtra

What CP Axtra does

CP Axtra Public Company Limited is a Thailand-headquartered, publicly-listed (SET: CPAXT) omnichannel grocery retailer operating a dual B2B/B2C model under the Makro and Lotus's brands. Founded in 1992 and a subsidiary of the Charoen Pokphand (CP) Group, the company runs cash-and-carry wholesale stores (Makro) serving restaurants, hotels, and SME retailers, alongside modern trade retail stores (Lotus's hypermarkets, supermarkets, and convenience stores) serving individual consumers. CP Axtra reported Q1 2026 total revenues of 136,050 million Thai Baht and net profit of 2,794 million Thai Baht, operating with 10,000+ employees across Thailand and Malaysia.

The company's technology platform combines physical retail with proprietary digital infrastructure, including Makro PRO—ranked Thailand's #1 B2B e-commerce platform by Euromonitor International—and the Lotus's Smart App for B2C mobile commerce. Recent AI-enabled partnerships with Tencent Cloud (deploying WorkBuddy and Miora AI agents for workflow automation and creative production), Cainiao Group (instant retail infrastructure delivering fivefold order processing capacity gains), and Amity (Retail Agentic Analytics achieving greater than 2% year-over-year revenue lift across 100 pilot stores) indicate active digital transformation across both customer segments. Makro PRO and the Lotus's Smart App serve as the primary digital storefronts, supported by third-party integrations including Google Analytics, Firebase, and AppsFlyer for performance tracking.

CP Axtra's revenue model is anchored on transaction-based wholesale and retail sales, with volume-based B2B pricing via Makro membership tiers and standard retail pricing across physical and digital channels. The customer base spans business customers (restaurants, hotels, SME operators), individual consumers, Thai agricultural suppliers (via the Platform of Opportunity initiative), and—following the 2026 TFP Retail acquisition—higher-income urban consumers in Malaysia through premium brands (Village Grocer, B.I.G., BSC Fine Foods). In May 2026, CP All shareholders rejected a proposed transfer of CP Axtra into CP Group's ACM Holding virtual bank structure, with 96.4% voting against, preserving CP Axtra's status as an independently-listed retail entity. The company holds S&P Global Sustainability Yearbook Top 5% recognition in Food & Staples Retailing (score 82/100) and is pursuing regional omnichannel expansion across Southeast Asia.

Name

CP Axtra

Legal name

CP Axtra Public Company Limited

Website

https://cpaxtra.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CP Axtra is a Thailand-listed (SET: CPAXT) omnichannel grocery retailer operating a dual B2B/B2C model under Makro wholesale and Lotus's retail brands, serving restaurants, hotels, SMEs, and millions of consumers across Thailand and Malaysia via physical stores, Makro PRO e-commerce, and the Lotus's Smart App.

Ownership category

akta.pro rank

Product category

Retail and Wholesale Trade

NAICS

General Merchandise Retailers (455)

SIC

Retail-Variety Stores (5331)

akta.pro primary industry

B2B Marketplaces & Wholesale Platforms (BPAMAGAD)

akta.pro secondary industries

Wholesale/B2B Generalist Marketplaces (CRAFAAAF), Cross-border B2B/Wholesale Trade Marketplaces (CRAFAJAC)

Keywords

• Wholesale cash and carry
• Modern trade retail
• B2B e-commerce platform
• Omnichannel grocery retail
• Hypermarket supermarket chain

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Wholesale Business (Makro): Cash-and-carry wholesale model serving business customers (restaurants, retailers, SME operators) through membership-based access to bulk products, operating across multiple formats including Pro Service wholesale centers.
2. Retail Business (Lotus's): Modern trade retail format serving individual consumers through hypermarket, supermarket, and convenience store formats, generating revenue from product sales across physical and digital channels.
3. E-commerce (Makro PRO): B2B e-commerce platform generating transaction revenue from business customers ordering wholesale products online, ranked as Thailand's top e-commerce platform by Euromonitor International.
4. Digital and Delivery Services: Online sales and delivery-pickup services enabled by digital organizational transformation, supporting both B2B and B2C customer segments.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

CP Axtra operates a dual wholesale and retail platform under the Makro and Lotus's brands, combining B2B cash-and-carry wholesale membership services for restaurants, hotels, and SME retailers with B2C modern trade retail through hypermarkets, supermarkets, and convenience stores. Digital channels include the Makro PRO B2B e-commerce platform and Lotus's Smart mobile application, enabling omnichannel purchasing, delivery, and pickup across Thailand and Malaysia.

Product overview

CP Axtra operates a dual business model combining wholesale and retail operations. The wholesale business is conducted under the Makro brand (cash-and-carry format serving B2B customers), while retail operations are run under the Lotus's brand (modern trade supermarket format for B2C consumers). Digital transformation is enabled through the Makro PRO B2B e-commerce platform (ranked #1 in Thailand by Euromonitor) and the Lotus's Smart mobile application. The company also offers private label products under the X Element brand. The portfolio is anchored on fresh food and supported by digital infrastructure enabling both online and offline (omnichannel) customer experiences.

Differentiator

Problem solved

Functional benefit

Brands

• Makro PRO: B2B e-commerce platform ranked Thailand's top e-commerce platform based on first-party sales value by Euromonitor International
• Lotus's Smart App
• Makro–Lotus's
• Makro Retailer Alliance (มิตรแท้โชห่วย)

Products and services

• Makro Cash-and-Carry Wholesale Cash-and-carry wholesale business serving restaurant owners, hotel operators, and small business customers with bulk purchasing capabilities and B2B-focused services across Thailand and Malaysia, including Pro Service wholesale centers for enhanced B2B capabilities.
• Lotus's Retail Supermarkets Modern trade retail supermarket chain operated by CP Axtra with hypermarket, supermarket, and convenience store formats focused on fresh food across Thailand and Malaysia.
• Makro PRO B2B E-Commerce Platform B2B e-commerce platform ranked Thailand's #1 by first-party sales value offering digital ordering and delivery-pickup services for business wholesale customers, including restaurants, hotels, and SME retailers.
• Lotus's Smart App Mobile shopping application enabling customers to browse products, place orders, access delivery-pickup services, digital payments, and loyalty program integration from Lotus's retail stores.
• X Element Private Label Brand Private label brand offering exclusive products under the X Element brand identity, featured as part of CP Axtra's brand portfolio.

Quantifiable outcome

• Greater than 2% year-over-year revenue lift in pilot stores using AI analytics
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability7 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Tencent CloudcoreTechnology or Integration · 11 June 2026Tencent Cloud partnership for AI-enabled retail transformation in Thailand, including AI agents for workflow automation and data analytics. WorkBuddy AI agent enables task automation from data analysis to report creation, while Miora provides AI-native creative studio capabilities. This is part of Tencent Cloud's expanding AI ecosystem supporting enterprise customers across Southeast Asia.
• AmitycoreTechnology or Integration · 20 May 2026AI analytics technology partnership where Amity's Retail Agentic Analytics solution (powered by Eko Agentic platform using Multi-Turn Group Relative Policy Optimization) is deployed in CP Axtra pilot across 100 stores, demonstrating greater than 2% year-over-year revenue lift. Solution has been deployed across over 1,000 stores in Asia and Europe.
• Cainiao GroupcoreStrategic or Co-development Partner · 30 March 2026Strategic cooperation memorandum signed at Cainiao's Wuxi warehouse to replicate China's 'instant retail' model in Southeast Asia. Collaboration has achieved fivefold increase in online order processing capacity. Goals include building 'digital + physical' retail infrastructure with AI and automation technology integration.
• MowiminorOthers · 13 April 2025Mowi, a leading fish processing company, entered Thailand through partnership with CP Axtra, expanding Mowi's presence in Thai retail market.
• IKEAminorStrategic or Co-development PartnerIKEA's first location in Northeast Thailand at Lotus's Khon Kaen as part of CP Axtra's 'Happy Mall' strategy for regional lifestyle hub transformation.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Tesco PLC: Former owner of Lotus's Thailand and Malaysia (sold to CP Group in 2020); global incumbent in grocery retail with comparable wholesale ambitions via Booker in the UK and serves as a useful comparison for CP Axtra's omnichannel blueprint.
• Costco Wholesale: Global membership-based cash-and-carry wholesale club; serves as the international benchmark for Makro's B2B wholesale club model and is the principal aspirational comp for membership-based bulk retail.
• Metro AG / METRO Wholesale: Europe's largest cash-and-carry operator with HoReCa focus; closely comparable to Makro's B2B food-service and small-business customer mix and digital wholesale ambitions.
• Dairy Farm Group: Asia-based retail conglomerate (Jardine Matheson) operating supermarkets, hypermarkets, and convenience stores across Southeast Asia; relevant comp for multi-format grocery retail footprint expansion.
• Walmart (Sam's Club): Operates Sam's Club, the largest cash-and-carry membership warehouse globally; comparable to Makro in B2B/wholesale format and provides benchmark for supply-chain efficiency and private-label strategy.

Emerging players

• CJ Freshway: Korean B2B food service distributor and meal-kit provider with growing Asian footprint; comparable to Makro's HoReCa wholesale motion and a regional comp for B2B food distribution scale.

Direct peers

• Big C Supercenter: Thai hypermarket and convenience-store chain (originally Casino Group, now under TCC Group / Charoen Sirivadhanabhakdi); competes head-on with Lotus's in modern trade grocery retail across Thailand.
• AEON (Thailand): Operates AEON hypermarkets, MaxValu supermarkets, and specialty stores in Thailand; competes in modern trade grocery and consumer goods retail with similar omnichannel ambitions.
• Central Retail Corporation: Thailand's largest retail conglomerate operating department stores, hypermarkets (Big C, formerly), specialty stores, and food retail; directly competes with CP Axtra's Lotus's and Makro formats in Thai modern trade and wholesale.

Regional players

• Berjaya Corporation: Malaysian diversified conglomerate with food retail (Starbucks Malaysia franchise, Kenny Rogers Roasters) and consumer businesses; a useful peer for CP Axtra's Malaysia expansion strategy and competitive context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/makro_th
• Facebookfacebook.com/cpaxtrathailand
• LinkedInlinkedin.com/company/cp-axtra-public-company-limited

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CP Axtra