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Thailand Retail Property – Siam Retail Bt 20 bn stake

By on Mar 19, 2014 in Retail

SIAM RETAIL Development Co is placing the biggest bet in its 23 years of operations on the future of Thailand by splurging Bt20 billion over six years to open new stores across the nation and refresh old shopping malls.  It expects the increase in retail space through new stores and renovation will help drive its sales up to Bt8 billion in six years from Bt2.97 billion last year.

At least three new stores will be launched in Nakhon Ratchasima, Khon Kaen and Nakhon Si Thammarat, while major tourism destinations such as Chiang Mai, Pattaya and Phuket are being evaluated as prospective future locations, Prasert Sriuranpong, executive |director of the retail development arm of Land and Houses, the country’s leading housing developer, said yesterday.  The company is investing long term to cash in on the trend towards economic prosperity of the country, especially with the rapid urbanisation in the provinces and the coming to fruition of the Asean Economic Community next year.

This was a challenging year for the company due to the political unrest, which undermined foreign tourists’ confidence, resulting in a drop in arrivals. The firm projects its sales expanding 7 per cent this year.  Siam Retail manages four mall brands – Fashion Island, Terminal 21, The Promenade and Life Center. Terminal 21 is located at the Asok Intersection, recently a base of the anti-government protesters. It is a popular shopping destination for foreign tourists.

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