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Retailers Bide Their Time

By on Aug 11, 2017 in Retail

Unfavourable economic conditions both globally and domestically as well as the growing popularity of online shopping have prompted Thailand’s luxury retail operators to adjust to stay afloat.

The entry of new mid to high-end brands to the local market declined this year after more than 100 brands paraded into Thailand when two flashy new malls-Central Embassy and The EmQuartier-opened in 2014 and 2015, respectively.

No new retail development in Bangkok is visible for this year after Iconsiam, the 50-billion-bath luxury retail and residential project, postponed its opening until next year.

The Iconsiam project, developed by a joint venture between Siam Piwat Co., the operator of Siam Center and Siam Discovery, and Magnolia Quality Development Crop, the real estate developer under Charoen Pokphand Group, is situated on Charoen Nakhon Road. It aims to become a new Bangkok landmark, surrounded by three to five-star hotels with more than 10,000 rooms.

The project is slated to cover 750,000 square metres, comprising a Takashimaya department store, a retail plaza, luxury condominiums, a museum, an amusement park and a sports complex.

Similarly, Central Pattana Plc, the operator of Central shopping malls, recently informed its stakeholders the company may put off the opening of Central Festival Phuket phase II, which focuses on luxury lifestyle stores, from this year early next year. It attributed the delay to weak spending power. Read more

Source: Bangkok Post – 31 July 2017

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