Thai mall developer Siam Piwat is planning a 4 billion THB (US$125 million) rebuild of its downtown Bangkok Siam Discovery shopping mall.
Siam Piwat, which owns the adjacent Siam Square and Siam Paragon malls, says it is planning a total renewal for both the center’s interior and exterior. When the result is unveiled to the public in early 2016, the centre’s theme will be “Breaking All The Rules”.
The centre will host a ‘groundbreaking sale” from April 23 to May 5 before it closes down for the refurbishment.
When it reopens, Siam Piwat promises “a first-time phenomenon with a number of original ideas never before seen in Thailand.”
Siam Piwat spokesperson Siriphen Intuputi said the 4 billion THB investment is additional to the five year, 55 billion investment announced last year covering new properties and refurbishments.
The 18 month old centre has always struggled in the shadows of its neighbours, Siam Centre, Bangkok’s oldest modern day shopping centre, and the massive Siam Paragon which, when it opened, was Thailand’s largest shopping centre. Siam Centre reopened in 2013 after a comprehensive renovation which has drawn praise from retail experts and designers and been an unequivocal trading success.
“The success of our renovation of Siam Center two years ago where we received amazingly good feedback from tenants and visitors made the management and staff of Siam Piwat confident in the company’s approach to maintaining its lead in introducing innovations to the retail industry,” the company said in a statement.
“So the company decided to give [Siam Discovery] a total renewal in order to bring new experiences of the era to Thai shoppers and international visitors who will come to Thailand in great numbers following the creation of the ASEAN Economic Community (AEC).”
Observed Siriphen: “We believe that after the AEC takes effect, Thailand’s retail industry will grow by more than 25 per cent. There is a lot of new investment in the retail sector in anticipation of future economic growth. This includes Siam Piwat’s planned investment during 2015 – 2019, with the renewal construction of Siam Discovery a part of the plan.”
During the course of the rebuild, the entrance to Madame Tussauds Bangkok will be changed to within Siam Tower. Well-known brands with stores inside Siam Discovery have been given temporary space within Siam Center and Siam Paragon..
“Siam Piwat has drawn a detailed plan for the total renewal of Siam Discovery and we are confident that when the new Siam Discovery opens, it will be an unprecedented phenomenon in the retail industry with many original and trendy ideas. It will be the talk of the town just like when the new Siam Center was unveiled,” said Siriphen.
She said details of the unique new concept will be revealed later.
