Thailand’s Central Pattana invests US$3.1 billion in shopping centres
Thai shopping centre owner Central Pattana says it is revitalising its premium malls to “pioneer future trends of retail and tackle the digital era”.
Under a “five-year vision” it calls ‘Co-creating Center for Life” – a name which appears to have lost its actual meaning in translation from Thai – it will invest US$3.1 billion (100 billion baht) on five new and existing centres in Thailand and abroad. They are CentralWorld in downtown Bangkok, Central Phuket, Central i-City near Kuala Lumpur in Malaysia, CentralPlaza Ayutthaya and Central Village.
Preecha Ekkunagul, president and CEO of CPN said the only way to survive In the era of digital disruption currently happening around the world is to adapt.
“CPN sees this change as a challenge and opportunity that will allow us to create a new chapter of retail industry again, similar to what we have done over the past 38 years. Our new vision for the next five years is to … make CPN’s shopping centers destinations for all, where everyone can live life. The important pieces of the jigsaw are all our business partners and tenants that will co-create these new things for business success and sustainable growth.”
The renovation of CentralWorld will be launched in November 2018.
Central Phuket, which will open in September, mixes leisure lifestyles with world-class attractions: ‘Tribhum’ – the Mystery of Three Worlds in a 3D-walkthrough theme park – and Aquaria, which is claims will be the largest aquarium in Thailand.
CentralPlaza Ayutthaya is a new lifestyle destination in the world-heritage city, which was once Thailand’s capital and is a popular tourist destination. That will open in December next year.
Central Pattana describes Central Village as “the first international retail outlet in Thailand”.
Meanwhile, the company has described its vision ‘Co-Create Center of Life’ as a blend of three strategies:
- Create Destination Concepts: “Develop destinations for all customers by lifestyle and preferences and also categorise products and services based on lifestyles.”
- Create Digital Platforms: “Offer seamless experience by delivering the real-time personalised offers, enhancing the online experience to conveniently and quickly connect customers’ mobile devices to services in shopping centres and integrating market platforms by teaming with Central JD to add a sales channel that is more seamless.”
- Create Partnerships with business partners such as I-Berhad “to create the I-City ultra-metropolis,” and co-operating with Ikea to create the first in the world of a new store format at one of its largest malls in Bangkok.
Central Pattana, part of the huge retail and FMCG conglomerate Central Group, currently has 32 shopping centers in Thailand.