Shopping mall developer Central Pattana (CPN) will spend THB5 billion (US$158 million) to develop Thailand’s first international luxury outlet mall.
To be known as Central Village, the development near Suvarnabhumi International Airport will offer total retail space of 40,000sqm and is scheduled to open in the third quarter of next year.
It will be similar to such premium outlet malls as Citygate Outlets in Hong Kong, Gotemba Premium Outlets and Mitsui Outlet Park in Japan, and Gloria Outlets in Taiwan, reports The Nation.
CPN chief development officer Wallaya Chirathivat says it will be the last piece of jigsaw that makes Thailand a real shopping destination, covering all dimensions of retail formats and shopping experiences. The outlet will host more than 235 retail boutiques of international and local brands with discounts of 35 to 70 per cent on current season products
About 65 per cent of the target visitors will be Thais, with the rest foreign tourists, mainly from China and Russia. Wallaya says the project will include a 200-room international hotel.
“The development of Central Village is in line with CPN’s continuous investment strategy, which will see us launch two to three retail development projects at a total cost of between THB10 billion and THB15 billion every year,” says Chirathivat. The company will also renovate three to four of its present 32 malls.
Two malls are being added this year: Central Festival in Phuket and Central i-City in Malaysia. CPN achieved THB34.59 billion in total revenue last year, up 18 per cent over 2016. Net profit of THB13.56 billion marked a 47 per cent jump.
Wallaya says Central Village will be the first retail format of its kind in Thailand. “This is in line with the government’s policy to make Thailand the top tourist and shopping destination in Southeast Asia.”