Thailand is one of the major economies in ASEAN as a result of the increase in the size of the middle class, rapid urbanization, the low unemployment rate, and tourism. However, empirical study regarding the entry mode-performance relationship in a retail industry in Thailand is still lacking. Therefore the study attempts to examine the entry mode-performance relationship of foreign subsidiaries of multinational enterprises in a retail industry in Thailand. The empirical findings indicated that the major joint ventures (foreign ownership 50%-94%) tended to have superior profitability performance in terms of return of asset (ROA) than those that hold greater or lesser foreign ownership percentage, and the wholly-owned subsidiaries (foreign ownership 95%and above) tended to outperform the minor joint ventures (foreign ownership 25%-49%) profitability performance in term of return on sales (ROS) Thailand’s retailing market context.