Turmoil taints Mall Group
Thai developer The Mall Group expects sales in the first quarter to drop due to Thailand’s political turmoil.
The Mall Group operates shopping malls including The Mall, Siam Paragon and The Emporium. It forecasts first quarter sales to stand at 12 billion baht ($368.2 million).
The company EVP, Chamnarn Maytaprechakul, said the declining sales at Siam Paragon is likely to offset the increased sales at The Emporium.
But sales were affected all round by poor customer sentiment as protests rocked the capital city.
Maytaprechakul said they will resume cautiously investing in marketing activities now that the political tensions are easing.
“We are putting more effort into our workshop for human resources to prepare ourselves to cope with the country’s expected economic rebound in the near future,” he said.
On the contrary, its rival Central Group is upbeat despite the political crisis in the country. The company said sales in 2013 rose 19 per cent to 234 billion baht ($7.18 billion).
Besides opening more shopping malls, Central also plans to invest more on acquisitions locally and abroad.