Thai convenience store chain CP 7-Eleven has announced plans to invest around Bt2bn (US$50m) next year to open new stores and improve its operations.

The company’s managing director, Piyawat Titasattavorakul, said CP 7-Eleven plans to open 320 new stores in 2004 with an investment of Bt900m, reported Dow Jones International News. The company plans to open a further 320 new stores the following year, with a total chain of 3,000 stores targeted in 2005.

CP 7-Eleven also plans to invest Bt835m next year to build a new distribution centre and Bt165m for a product assortment system upgrade. Money will also be spent on improving existing stores.