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Thailand's Grammy Entertainment to Expand and Spin Off Imagine Stores.
Byline: Bamrung Amnatcharoenrit
Aug. 1--MGA Co, the distribution arm of Grammy Entertainment Plc, plans to form joint ventures with entrepreneurs to increase its network of Imagine entertainment outlets.
Details of the ventures and the investment costs involved are under discussion but the project should be launched by the end of this year.
The company plans to open 1,000 Imagine outlets over the next three years. It currently has 23 stores, wholly owned by Tesco Lotus superstore group. The outlets offer music, books, computer games and VCDs.
Products at the new stores will vary by region, with more local music offered in the Northeast, for example.
After its expansion, Imagine will be spun off from MGA as an independent firm, with MGA in charge of distribution.
The firm declined to discuss its sales projections, but MGA is said to be the biggest contributor in the Grammy group, with about 50 percent of sales revenue, estimated at four billion baht this year.
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