Siam Paragon prepares for improved economy
Siam Paragon, which is celebrating its ninth anniversary this year, has adopted key strategies to cash in on a rebounding economy and to position itself as a world-class shopping destination.
“For more than nine years, Siam Paragon has enjoyed considerable success,” senior chief marketing officer Mayuree Chaipromprasith said. “After the political problem that resulted in an economic recession in Thailand, we have seen a clear sign of a rebound in the economy and spending power since September.”
The number of inbound tourists has also recovered somewhat, to about 85 per cent of the normal level for this time of year, she said.
The strategies to be adopted by the Bangkok shopping complex are as follows.
1. Customer experience management. The customer-relationship programme focuses on customising services for a specific group of customers – impressing them with special services, offering new experiences and pampering them with extra privileges. These tailor-made strategies are expected to strengthen loyalty among high-potential customers.
2. Worldwide strategic alliances. Relationships with existing partners will be strengthened and collaborations with new partners expanded, both locally and internationally, to cover target customers globally. This year, the shopping centre initiated a “Global Privilege Partnership Campaign” with other leading retail players in Asia. The company says this campaign has seen excellent response and has created significant customer satisfaction and boosted spending by tourists.
3. Foreign tourists’ top choice. The plan is to create ultimate shopping experiences for customers and stimulate the expenditure of foreigners in the Thai economy. This year, Bangkok ranks as Asia’s No 1 tourist destination with a total of 16.42 million visitors, second only to London, according to the MasterCard Global Destination Cities Index.
Mayuree said fully integrated digital marketing was another key strategy that had been explored and developed.
“Our targets are those living an urban lifestyle and who favour trends in technology. This group of people will continue to expand for the next five to 10 years,” she predicted.
She said Siam Paragon had more than 400,000 Facebook and Instagram followers, a number that was increasing by about 10,000 each month. The number of followers is expected to hit 500,000 by the end of 2015.
Siam Paragon attracts about 200,000 shoppers daily, 60 per cent locals and 40 per cent tourists. Most of the tourists are from mainland China, Russia, Hong Kong, India, Taiwan, Vietnam, South Korea, Japan, the United States, Britain, Germany, Qatar and Bahrain. These tourists are high-potential spenders, especially those from mainland China, Hong Kong, Russia and the Middle East.
From today through the end of the year, “Siam Paragon 9th Anniversary – The Magical Phenomenon” will be held in collaboration with its business partners and leading brands, with a total budget of Bt90 million.
A wide range of promotional activities and special campaigns will be on offer. The highlight is an exclusive ninth-anniversary party at House of Walker, Parc Paragon. The party will include performances by top international artists flown in specially for this occasion.
The shopping complex expects that during the year-end campaign, the number of visitors will increase by at least 20 per cent, with sales growth of 10-15 per cent for its tenant stores.
The company has also invested about Bt600 million for a facelift of Siam Paragon, both inside and out. The renovation will be completed by next August.
