Thailand set to become Asia's shopping hub, Siam Piwat boss says
Thailand will be recognised as a key shopping destination in Asia as more than 100 international brands are expected to set up retail networks here within three years.
"Our shopping malls, consisting of Siam Centre, Siam Discovery and Siam Paragon, plan to launch not less than 100 international brands in the areas of fashion, restaurants and home decorations over the next three years," Chadatip Chutrakul, managing director of Siam Piwat, said yesterday.
International brands have been shifting their focus to Asia, especially Thailand, after the economic slowdowns in the United States and Europe, she said.
The international fashion brands aim to cash in on the rebound of the Thai economy and consumer purchasing power expected in the middle of next year, she said.
Three or four major shopping malls in the Pathum Wan area of downtown Bangkok will increase their marketing budgets by at least 10 per cent next year after spending about Bt1 billion on marketing campaigns this year. This will reflect the great confidence held by international brands in the potential of Thailand, she said.
Because of its huge population, China attracted strong interest from international brands as the market in Asia with the most potential three years ago. However, it is Thailand’s turn now, Chadatip said.
Many upmarket fashion brands such as Prada that are already established here also plan to extend their retail spaces to respond better to the higher spending power of consumers here.
"We expect the country’s economy to recover fully by the middle of next year. The government has launched many stimulus campaigns to ease the flood impact and grow the economy," she said.
In the first half, customers budget mainly for home restoration.
"We also expect the competition in the retail market to intensify next year as many players will continue to open outlets at prime locations both in Bangkok and major cities," she said.
