Siam Piwat invests in retail innovation
Thai shopping mall developer Siam Piwat says it aims establish an ‘Icon of Innovation’ position in Thailand’s rapidly growing retail sector.
Siam Piwat, the owner and operator of retail developments such as Siam Paragon and Siam Center and joint venture partner in Icon Siam, the US$1.54 billion landmark Bangkok riverside development, has unveiled a five-year strategy aimed at consolidating its position as a ‘thought-leader’ in the evolving retail development sector through a program of investments in projects worth US$1.7 billion.
CEO Chadatip Chutrakul said Siam Piwat will do five things to be a thought-leader in retail and property development:
“First, we will focus on constantly creating new and unique experiences. With consumers now globally connected, they are instantly aware of new world trends and their expectations are much higher. We have a dedicated unit to track new trends and customer preferences as well as benefit from collaboration partners in staying abreast of these developments,” she said.
Chutrakul added that Siam Piwat also has eight properties under study at other locations in and outside of Bangkok ,as well as overseas, which should be finalised within 2015. It will also undertake a large-scale redevelopment of Siam Paragon and Siam Discovery in 2015.
“Second, Siam Piwat will work closely with tenants to offer new ideas that can help support the further success of tenants and business partners as we work together to provide unparalleled experiences for visitors. We will challenge our tenants to create new experiences and to create new designs, new products and other new offerings that are unique to the property,” she said.
Siam Piwat will invest in new retail formats and concepts as well as new brands that are not yet in Thailand, she says.
“We plan to operate new retail businesses, including up to four brands of specialty stores, with projects valued at around US$93 million. They include both international franchises and Siam Piwat’s own brands and we are currently in talks with three international restaurants. Some of these projects should be firmed up by the last quarter of this year.”
She also said Siam Piwat will invest in new businesses with world-class partners.
“In the past three years, we have been approached by leading international firms to conduct feasibility studies on new businesses in entertainment, art and culture, as well as in retailing. We plan to initiate such projects that are valued at US$310 million and which will be completed in the next three to five years,” Chutrakul said.
The fifth element of the plan is to build a strong organisation, she said.
“We are reinforcing our leadership talent with highly qualified people from a variety of disciplines with both Thai and overseas experience. We recently created the position of president specifically to ensure the ability of our support units to drive our business growth.”