Malls will continue to pop up throughout Bangkok this year with research from Colliers International Thailand showing 14 new complexes will open in 2017. Retail space as a whole will continue to grow in the city this year with health, beauty and pharmacy stores expected to be among the largest growing shops.
The 14 retail projects will add a total of 272,800sqm of space in Bangkok, according to Surachet Kongcheep, associate director of Colliers International Thailand. There will be 5 traditional shopping malls opening this year as well as 7 community malls, 1 department store and 1 retail plaza that is opening in an office complex.
Colliers tells Online Today that the 7 community malls scheduled to open in the city this year are We Retail Nana on Sukhumvit Road, ZY Walk Chula Soi 5 on Banthadthong Road, Happy Avenue Don Muang, Canapaya on Rama III Road, Landmark Mahachai on Rama II Road, Muang Thong City Park on Chaeng Watthana Road, and Hyde Sukhumvit near Nana. The number of community malls opening in 2017 will decline when compared to the past few years as some of the recent openings did not perform as well as originally estimated.
Iconsiam, a luxury retail project developed by Siam Piwat and Magnolia Quality Development near the Chao Phraya River, Show DC on Rama IX Road, Ikea@CentralWestgate in the Bang Yai district, Gaysorn II at the Ratchaprasong intersection and G Tower on Ratchadaphisek Road are the 5 shopping malls set to open in 2017. The 1 department store to open will also be at Iconsiam,
Chatrchai Tuongrattanaphan, adviser to the Thai Retailers Association, explains to Online Today that he believes consumer purchasing power will gradually improve this year with some sectors seeing an increase in competition for spending.
“The health and beauty sector will be the new retail battlefield this year because Thailand is gearing towards an ageing society, and when people earn more, demand for health and beauty products also rises,” says Chatrchai.
