The Mall Group will continue to expand its business this year despite a retail market in Thailand that is once again predicted to be rough. The company will spend THB5 billion on new projects as well as upgrading currently facilities.
THB800 million will be spent on a new building behind The Mall Bang Khae, said chief executive Phaibul Kanokvatanawan. That will help increase the total amount of parking there from 3,000 spaces to 3,800 spaces and help make it easier for shoppers to find a place for their car.
The Mall Group will also spend a significant amount of that budget on the two projects it is building in the Nakhon Ratchasima province. Both developments are scheduled to open soon. Total space at the complex in Korat will be 200,000 sqm once the project is launched in September.
Blue Port in Hua Hin is another retail project that The Mall Group will open in 2016. Construction of the project is 80 percent finished and the shopping center is scheduled to open earlier than planned in October.
The company also has plans for a renovation of The Mall Bang Kapi in order to keep up with the customer profile in the area which has changed dramatically in recent years. Competition in the area is far greater than when The Mall Bang Kapi first opened with retail complexes on Rama IX and Ekamai-Ram Intra including Crystal Park Phase II, Central East Ville and Show DC all open or set to open soon.
Phaibul pointed out that the spending power of Thai consumers has not improved despite heavy consumption at the end of last year sparked by a government tax break. The number of foreign tourists visiting its three major shopping shopping complexes – Siam Paragon, The Emporium and The EmQuartier — has returned to normal levels since the New Year holiday season and the company hopes the government does more to encourage tourists to visit Thailand. “We want the government to speed up the extension of airport facilities to attract more foreign tourists to Thailand,” he explained.
