Japanese convenience store chain FamilyMart is exiting Thailand amid plunging revenues, ending its 30-year run in the Southeast Asian country.

The company announced its pullout decision on August 10, with 200 branches across Thailand set to be rebranded to 'Tops Daily' stores by the end of 2023.

The move comes as local retailer Central Retail Corporation's contract with FamilyMart terminates this year.

The number of FamilyMart stores in Thailand has decreased dramatically from 1,135 in 2017 to just 409 in 2023. Recent years have seen the company's sales plummet and it suffered 1.873 billion baht in losses from 2018 to 2021.

With its exit, its rival 7-Eleven is expected to dominate the local market.

Siam FamilyMart entered Thailand through a joint venture in 1992, with its first store opening in 1993. Despite its withdrawal from Thailand, the company said 'there is no change in our aggressive pursuit of business overseas, and we will continue to expand even more'.