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Bangkok Retail – Prime Retail Area Back in Business

By on Apr 24, 2014 in Property News, Retail

Korakot Srivikorn, the Ratchaprasong Square Trade Association’s marketing communications director, said trade in the prime shopping district has rebounded significantly and the occupancy rates of eight luxury hotels in the area now stood at 70%, compared to below 20% during the demonstrations.

Bangkok Retail - Prime Retail Area Back in Business

Now some 20,000 to 40,000 customers use the skywalk in the area every day compared with only about 1,000 people during the protests at Ratchaprasong intersection.

The number of visitors at Amarin Plaza is back to 40,000 compared with less than 20,000 in January and February. Tourists from China, Japan and the Middle East are returning to the area.

“Though the recovery of foreign tourists in the area is about 30%, it’s a good sign and the increasing momentum will continue,” Ms Korakot said.

Other positive signs include better feedback from sales campaigns on non-essential products such as fashion items and sporting goods.

With the continuing rebound, some hotels in the area are considering renovations, while retail operators including Gaysorn, Amarin Plaza and Platinum are planning expansions.

Rungyod Chantapasa, marketing director at Gaysorn Asset Management, the operator of Gaysorn and Amarin Plaza, said Amarin Plaza will be given a facelift to make it more upscale.

The lease for tenants at Amarin Plaza will end this year. The company expects to take about 10-11 months to renovate the store and change its interior decoration.

At the same time, the company will start piling work for Gaysorn Tower, an office-cum-retail building next to Gaysorn this July. The 30-storey Gaysorn Tower will comprise an office zone and 5,000 to 6,000 square metres of retail space.

The construction of the retail zone will be finished in 2015 and the office tower in 2016, which is a slower pace than earlier planned.

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Source |  Bangkok Post 23 April 2014

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