CENTRAL Pattana (CPN), Thailand’s largest shopping mall developer, yesterday said it would spend Bt5 billion to develop Thailand’s first international luxury outlet mall in a move that it says will reinforce the Kingdom’s position as one of the top shopping destinations in Southeast Asia.
To be known as Central Village, the outlet mall will occupy 100 rai near Suvarnabhumi airport, with total retail space of 40,000 square metres.
It is scheduled to open in the third quarter of next year and will be similar to a number of well-known premium outlet malls in the region and beyond, such as Citygate Outlets in Hong Kong, Gotemba Premium Outlets and Mitsui Outlet Park in Japan, Gloria Outlets in Taiwan, and Bicester Village in the UK.
Wallaya Chirathivat, CPN’s chief development officer, said the development would be the last piece of jigsaw that makes Thailand a real shopping destination, covering all dimensions of retail formats and shopping experiences.
The luxury outlet mall will host more than 235 retail boutiques of international and local brands and offer items of the previous seasons at discounts of 35 to 70 per cent from the prices on current season products offered by the principals. About 65 per cent of the target visitors will be Thais, with the rest foreign tourists, mainly from China and Russia.
Wallaya said that the Bt5 billion project would include a 200-room hotel to be operated by an international chain.
“The development of Central Village is in line with CPN’s continuous investment strategy, which will see us launch two to three retail development projects at a total cost of between Bt10 billion and Bt15 billion every year,” she said, adding that the company will also make major renovations to three to four of its existing malls. The detail of the renovation plan will be revealed next month.
CPN, which operates 32 shopping malls, will this year add two malls: Central Festival in Phuket and Central i-City in Malaysia.
“We are also looking to develop two to three international luxury outlet malls in total in Thailand in the future,” Wallaya said.
CPN achieved Bt34.59 billion in total revenue last year, up 18 per cent over 2016. Net profit of Bt13.56 billion marked a 47 per cent jump from the previous year.
Wallaya said that Central Village would be the first retail format of its kind in the country.
“This innovative project, together with the other CPN shopping centres nationwide, will enhance and truly complete the shopping experience for Thais and international tourists,” she said. “And this will make Thailand’s retail industry more well-rounded.
“This is in line with the government’s policy to make Thailand the top tourist and shopping destination in Southeast Asia. Central Village is one of CPN’s key strategic moves and will be a new brand in CPN’s portfolio, underlining CPN’s position as one of the global players in Asia.
“For Thailand, we see potential in the market for people with high purchasing power who like to travel abroad and buy world-famous brands. We also see a growing trend of people who prefer to shop for world-famous products in Asia.”