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Central Embassy says 90% of retail space to be leased by year-end

By on Nov 13, 2012 in Property News

Luxury shopping complex Central Embassy, which is scheduled to open in December 2013, yesterday announced that more than 90 per cent of its retail space would be leased by the end of this year.

About 30 per cent of 150 retail tenants occupying the 41,000-square-metre leasable area will be international fashion brands, some of which will be opening their first stores in Thailand.

Costing about Bt10 billion, Central Embassy will cover 140,000sqm in total, of which 70,000sqm is gross retail area. A 222-room hotel at the complex will open in September 2014. The complex is at the intersection of Ploenchit and Wireless roads, one of the most prominent locations in Bangkok.

“We have finished construction of the building foundation, while the basement is almost completed. The construction and opening of Central Embassy will be on schedule,” said managing director Chart Chirathivat.

Central Embassy recently held a tenant meeting to provide updates on the construction and unveil the layout and design requirements of retail space. The event was attended by the senior management teams and designers of international brands including Chanel, Gucci, Prada, Ralph Lauren, Bottega Veneta, Saint Laurent, Mulberry, Balenciaga, Paul Smith, Patek Philippe, Hublot, Versace, John Varvatos, Roberto Cavalli and Cloud 9.

“We are quite selective about branded tenants opening their shops in our complex. However, we have reserved about 10 per cent of our retail space for brands aiming to open their first signature stores in Thailand at our mall,” Chart said.

For example, fashion brand Zara will open a 2,350sqm store at Central Embassy., which would be its top?? 50th global store both in design and merchandising.

Chart said Thailand had been moving gradually from “traditional” to “future luxury”.

“New consumers will be individual [in taste] and their concepts of luxury quite different. In their point of view, luxury is not just about expensive items. It is about price-worthiness and the experience they have had with the brand,” Chart said.

He said Thailand was trending towards being one of the world’s leading luxury destinations, according to a report by consultancy The Ledbury Group.

Source : The Nation 13 November 2012

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