Siam Piwat aims for ‘Icon of Innovation’ positioning in Thailand

now_5
now_5
Avatar of Linda Hohnholz
Written by Linda Hohnholz

BANGKOK, Thailand – Siam Piwat Co., Ltd., the owner and operator of prestige retail developments in Thailand, such as Siam Paragon and Siam Center, as well as the joint venture partner of ICONSIAM,

BANGKOK, Thailand – Siam Piwat Co., Ltd., the owner and operator of prestige retail developments in Thailand, such as Siam Paragon and Siam Center, as well as the joint venture partner of ICONSIAM, the US$1.54 billion landmark Bangkok riverside development, today, unveiled a 5-year strategy that aims to consolidate its position as a ‘thought-leader’ in the rapidly evolving retail development sector through a programme of investments in projects worth US$1.7 billion.

Mrs. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Co., Ltd. said: “The retail development sector in Thailand is going through a period of exceptional growth with a record amount of new investments announced by various companies in the last 12 months.

“Thought-leadership drives Siam Piwat’s success. Underpinning our future growth is our focus on offering in our projects novel concepts, as well as new retail and lifestyle ideas that are the first in Thailand, and some even also in the world. The 5-year strategy we are announcing today will determine our investment direction, and the relationships we have with our business partners and tenants, aiming to strengthen Siam Piwat’s position as an innovation leader in Thailand’s retail and property sector,” she said.

She added that, in line with this strategy, Siam Piwat also aims to be a partner of choice to retailers and investors, and double its revenues in five years.

According to Mrs. Chutrakul, Siam Piwat will do five things to be a thought-leader in retail and property development.

• “First, we will focus on constantly creating new and unique experiences. With consumers now globally connected, they are instantly aware of new world trends and their expectations are much higher. We have a dedicated unit to track new trends and customer preferences as well as benefit from collaboration partners in staying abreast of these developments,” she said.

Mrs. Chutrakul added that Siam Piwat also has eight properties under study at other locations in and outside Bangkok as well as overseas, and which should be finalised within 2015. It will also undertake a massive-scale redevelopment of Siam Paragon and Siam Discovery in 2015.

• “Second, Siam Piwat will work closely with tenants to offer new ideas that can help support the further success of tenants and business partners as we work together to provide unparalleled experiences for visitors. We will challenge our tenants to create new experiences and to create new designs, new products and other new offerings that are unique to the property,” she said.

• Mrs. Chutrakul said that Siam Piwat will invest in new retail formats and concepts as well as new brands that are not yet in Thailand.

“We plan to operate new retail businesses, including up to four brands of specialty stores, with projects valued at around US$93 million. They include both international franchises and Siam Piwat’s own brands, and we are currently in talks with three international restaurants. Some of these projects should be firmed up by the last quarter of this year,” she said.

• “Siam Piwat will also invest in new businesses with world-class partners. In the past three years, we have been approached by leading international firms to conduct feasibility studies on new businesses in entertainment, art and culture, as well as in retailing. We plan to initiate such projects that are valued at US$ 310 million and which will be completed in the next 3-5 years,” Mrs. Chutrakul said.

• “The fifth element of our plan is to build a very strong organisation. We are reinforcing our leadership talent with highly qualified people from a variety of disciplines with both Thai and overseas experience. We recently created the position of President specifically to ensure the ability of our support units to drive our business growth,” she said.

Siam Piwat has a long heritage of pioneering new concepts which are also always commercially very successful and always bring positive recognition for Thailand. Siam Piwat is the first company in Thailand to create the concept of an international standard shopping mall with the opening of Siam Center, forty years ago. Siam Piwat is also the first company to create a five-star hotel in Thailand with the building of the Siam InterContinental Hotel. It also created the first mixed-use complex in Thailand with the building of Siam Discovery and Siam Tower. And, with the creation of Siam Paragon, Siam Piwat delivered a world-class retail phenomenon in luxury shopping and recreation, and made the property an international legend that is a must-visit destination for tourists coming to Bangkok. Many stores of top international and local brands at Siam Center and Siam Paragon regularly register the highest sales per store among their stores in Thailand and the region.

About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

Share to...