The year 2026 has been another when Thai people witnessed many "familiar names" disappearing from daily life more than expected. The latest case is MaxValu, under Aeon (Thailand), which is ending its original brand presence in Thailand after more than 42 years in the retail market, starting from the "Jusco" era before becoming MaxValu.
However, what happened with MaxValu is not just about "closing stores" because all 30 branches and its ready-to-eat food production centers were transferred to Central Food Retail, part of Central Retail Group, which will rebrand them as Tops. This represents both a "change of hands" and a "game change" in Thailand's retail business.
Behind this decision lies continuous financial pressure. MaxValu posted losses for four consecutive years: 42 million baht in 2023, 186 million baht in 2024, 207 million baht in 2025, and 266 million baht in 2026, accumulating losses between 657 and 700 million baht.
Meanwhile, the number of branches, which once exceeded 80, has dropped to only 30, making cost management and negotiating power more difficult.
Another familiar name for people in Phetchaburi is Sahathai Department Store, a longstanding local shopping center serving the community for nearly 33 years. On 10 May 2026, the store announced its permanent closure after its lease contract with Phetchaburi Municipality expired.
Interestingly, this was not a business without income. Between 2022 and 2024, it still generated average annual revenue of about 150-152 million baht but saw declining profits, total debt exceeding 52.5 million baht, and faced competition from modern shopping centers. Ultimately, with no heir to continue the business and the lease decision looming, the family-run store that had lasted over three decades chose to close.
Another familiar name is True Shopping. After operating for 14 years, True Shopping announced it would cease operations on 1 April 2026. The main reason was a shift in consumer behavior from watching TV programs and ordering by phone to purchasing products via real-time e-commerce and social commerce platforms.
Today, TikTok Shop, Shopee, and Lazada are not just "new sales channels" but are directly competing with traditional sales models.
True Shopping is thus another example of a business not losing because of poor products but because consumer behavior changed faster than the business model could adapt.
Similarly, NocNoc, a marketplace platform for home decor and Home & Living products, faced intense competition from multinational platform giants, forcing it to revise strategies and reallocate resources.
On the restaurant side, a similar picture emerged. Chabuton Ramen closed all its branches in Thailand on 14 June 2026 after 16 years in the Thai market.
This Japanese ramen chain, once distinguished by champion chef Yasuji Morizumi and positioned in the premium mass segment with prices averaging 250-300 baht per bowl, encountered a market with continuously increasing competitors. Research data shows there are 823 ramen shops nationwide. As consumers seek more "value," specialty shops also increase. Competition is no longer just about taste but about who offers better value at prices customers can afford.
In the case of B-Story Café at Ratchathewi, this represents the struggle of physical stores against rising costs. This well-known café, open for over 10 years and recognized for its seasonal decorations, announced it would close its Ratchathewi branch by the end of September 2026.
The main reason is rent increasing about 10% annually, now exceeding 200,000 baht per month, while sales have not increased accordingly. Simply put, customers may still love the café, but if sales are insufficient to cover rent, labor, ingredients, and other expenses, the business cannot continue.
Meanwhile, MY PORCH, a fusion Japanese restaurant and music bar in Sukhumvit operating for over a decade, announced it would permanently close on 1 July 2026.
Additionally, various shabu and restaurant outlets have been disappearing one after another, including ShabuGo at MS Siam Tower Rama 3, open for 10 years; Shabu Gold; Ban Shabu Shabu Lad Sawai, operating for 9 years; and Akiyoshi at The Spell at Future Park.
Another notable case alongside retail and restaurants is private schools. In the 2026 academic year, about 20-30 private schools nationwide applied for closure, with 4 in Bangkok. The reasons go beyond a sluggish economy to a larger issue: a continuous decline in newborn numbers.
With fewer students in the system, schools have smaller revenue bases, while fixed costs for buildings, personnel, and administration remain. For family-run schools, another critical question is whether the older generation owners have successors to continue the business.
This is why the term "demographic structure" is no longer distant. The children born fewer today will become "lost customers" for businesses in the coming years.
Analyzing data from the Department of Business Development, Ministry of Commerce, reveals that in the first half of 2026, 7,024 legal entities registered closures, an increase of 12.49% from the same period last year. More strikingly, the registered capital of these closed businesses surged to 98.857 billion baht, up 223.66%, nearly 100 billion baht.
This more than doubling of lost capital reflects pressure not limited to small businesses but also affecting larger enterprises with bigger capital bases.
What is happening to Thai businesses this year can be seen as a "weeding out" process alongside market reorganization. Some lose due to costs, some due to changing consumer behavior, some due to competition, some due to demographic declines, and others not due to business failure but lack successors.
This scenario reflects that in the business world, nothing is "easy." Even brands existing for 10, 20, or 40 years may reach a day when they must close. In an era of slowing purchasing power, rising fixed costs, and rapidly changing digital consumer behavior, businesses clinging to old models will quickly disappear.
The survivors in the next chapter of Thailand's economy may be only two groups: large capital groups with a complete ecosystem that achieve true cost advantages, or small businesses with high flexibility that quickly adapt and meet niche market demands in time.
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