Central Pattana will embark on expansion, opening 15 new malls by 2017.
But plans to expand into China are on ice.
Wallaya Chirativat, senior executive VP for business development and construction management, unveiled the company’s plan for the next five years. Central Pattana will invest 10 billion baht to develop three malls every year from 2013 to 2017.
The additional first three malls are planned for Hat Yai, Ubon Ratchathani and Chiang Mai.
Central’s expansion plan is not only limited to the Thai market. Earlier, it planned to open first overseas shopping mall in China by next year through a joint venture with a local investor, however, that plan is currently on hold due to China’s regulatory environment and economic slowdown.
“We are looking for prime locations for our new stores to hopefully prevent new foreign firms entering the Thai retail market when the Asean Economic Community starts in 2015,” said Chirativat.
The expansion will support the company’s goal to become one of the largest shopping mall developers in Asia by 2017 in terms of store numbers, says Chirativat.
With over 30 years of experience, Central Pattana currently manages 18 shopping centres across Thailand. Two malls are in the pipeline before the end of the year.
GB
