Siam Piwat, a leading global destination developer in Thailand, has partnered with Hyundai Department Store, the largest department store developer in South Korea, to enhance collaboration within the retail industry on an international scale.
For the first time Hyundai Department Store has expanded its business overseas, the company is partnering with Siam Piwat Group to provide superior privileges between members of their respective loyalty programs: OneSiam and Hyundai Department Store. The aim is to elevate the exclusive shopping experience for consumers worldwide.
The partnership will span Siam Piwat’s Siam Paragon, Siam Center, Siam Discovery, and joint ventures IconSiam, ICS and Siam Premium Outlets Bangkok together with Hyundai Department Store’s 16 stores nationwide.
The two entities have signed a memorandum of understanding (MOU), aiming to “elevate and revolutionise the future of retail” the companies said in a statement.
“This collaboration seeks to perfectly synergise exceptional benefits, offering exclusive experiences and services to members of both parties and aligns seamlessly with Siam Piwat’s business principles, which revolve around the ‘Co-create & Collaboration to Win’ strategy,” explained Mayuree Chaipromprasith, president – corporate affairs and communications at Siam Piwat Co.
“We prioritise fostering a constructive ecosystem by partnering with leading global business entities to drive business growth in innovative and boundless ways. We are dedicated to consistently creating and delivering novel experiences to people, thus reinforcing our position as the foremost global destination developer, cherished by people worldwide for our numerous successful and widely acclaimed projects.”
Shared commitment to excellence
Jung Jee Young, president of Hyundai Department Store, said the partnership reflects the two companies’ shared commitment to excellence. “Siam Piwat Group is renowned for its global destination shopping centres that have long captured the hearts of tourists. Together, we aim to offer superior benefits and elevate the customer experience.
Young said the collaboration provides a significant opportunity to break down market boundaries and showcase the potential of K-Culture, a highly popular trend in Thailand.
“It is a good opportunity for Thai people with a valuable chance to experience it firsthand. It also encourages small and medium-sized Korean brands to have market opportunity abroad. Consequently, it fosters a positive impact on the business of both parties,” he said.
“Moreover, this collaboration will contribute to the enhancement of tourism and the strengthening of Thai-Korean cultural bonds, while also aiding in reaching and expanding into new target demographics more effectively than ever before.”
Exclusive privileges
Members of the two programs will enjoy diverse and exclusive special privileges at shopping centres and stores, as well as stores within the alliance network, providing them with “a unique and superior lifestyle experience”. The expectation is that the shopping centres within the Siam Piwat Group will emerge as the top choice for South Korean travellers visiting Thailand and Hyundai Department Store will become the premier shopping destination for Thai tourists exploring South Korea.
Both entities are committed to creating opportunities and fostering business growth by delivering a diverse range of new experiences and exclusives at the ‘K-Content Specialty place’, a collection of recently popular K-food, K-pop, K-webtoons, K-fashion, and more, offering a shopping experience and forging a magnet that caters to both Thai customers and foreign tourists.
Siam Piwat Group has built its global ecosystem by forging partnerships with world-class multinational retail giants including Parco Shopping Complex in Japan, Taipei 101 in Taiwan, Hong Kong’s Times Square, Ion Orchard in Singapore, Pavilion Kuala Lumpur in Malaysia and Plaza Indonesia – a diverse collection of high-profile shopping centres.
Siam Piwat says these strategic partnerships connect and extend extraordinary benefits to visitors, enticing shoppers from retail alliance members across multiple countries to visit and shop at Siam Piwat Group’s shopping centres. The collaborations also contribute to enhancing the shopping and lifestyle experiences for both Chinese and other global tourists, facilitated by platforms such as Alipay, Klook, and Trip.com, not only promoting the tourism sector but bolstering the Thai economy as a whole.
The new partnership between Siam Piwat and Hyundai Department Store further cements Siam Piwat’s standing as a model organisation dedicated to advancing sustainability in business and bolstering its retail ventures “while empowering local champions to expand and evolve into global heroes”.
