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Siam Piwat reports surging sales despite lack of tourists in Thailand

IconSiam in Bangkok. (Source: Supplied)

Thai mall operator Siam Piwat says sales at its part-owned IconSiam flagship in Bangkok soared 43 per cent in the final quarter of last year – the strongest growth in the three years since the centre opened, as the impact of Covid-related movement restrictions eased. 

Siam Piwat, which owns the Siam Paragon, Siam Center, and Siam Discovery centres outright, and a share in Siam Premium Outlets, did not release any financial information but said customer footfall across all of its properties was higher during the fourth quarter and sales were 15 per cent above target. 

Sales of luxury brands “skyrocketed” during the past two years after several high-profile brands increased their store space or partnered with Siam Piwat in pop-ups. 

“We focused more on high-spending customers by offering services via social and e-commerce, Call & Shop, Siam Paragon Luxury Chat & Shop and Ultimate Chat & Shop, as part of Siam Piwat’s initiatives to help all retailers and partners to sell their products,” said Saruntorn Asaves, head of the shopping centre business division at Siam Piwat 

“We also collaborated with a variety of applications to expand our omnichannel distribution platform.”

The company said its OneSiam SuperApp launched late last year helped drive sales from registered members by more than 45 per cent year on year. The app will connect with more than 1000 tenant stores and 100 business partners across 13 industries.  

“Even though we have been in the grip of the pandemic for two consecutive years, we have successfully built a robust customer base of Thai shoppers,” added Supoj Chaiwatsirikul, MD of IconSiam. “Sales increased in all categories of products and services thanks to strong demand from our member customers, who accounted for 40 per cent of the total sales.

“This indicates that, despite the absence of international tourists, IconSiam has successfully built a robust base of Thai regular customers, including those with high purchasing power living in western Bangkok and its vicinity,” he said.

Siam Piwat says it aims to boost sales to member customers by 30 per cent this year.

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