CentralWorld poised for major makeover as Isetan lease ends this year
CentralWorld has unveiled its plan to develop a new ‘Urban Lifestyle’ destination after the Isetan lease expires at the end of year.
The mall operator plans to join hands with international partners to create a new experience and continue to increase revenue Central Pattana Plc (CPN), the operator of CentralWorld, said it has made progress im developing what it calls the ultimate ‘Urban Lifestyle’ destination. It will cover six floors and have a total space of 27,000 square metres.
CPN said it wants to elevate a shopping experience in Ratchaprasong to a whole new level in order to meet the changing lifestyles of Thai shoppers and tourists from around the world. The renovation is expected to be completed and the new ‘Urban Lifestyle’ destination will be launched in 2021.
Wallaya Chirathivat, deputy chief executive officer of CPN, said: “Isetan Department Store has always been a great partner of CentralWorld from the very first day. It has been a great 30 years in which two companies represented a Thai shopping centre and a Japanese department store as a ‘co-creation’ destination. On behalf of CentralWorld, I would like to express my sincere gratitude.
“For our future plan upon the expiry of Isetan's lease in December 2020, CentralWorld will conduct a major refurbishment of this area... We are currently working witb new international partners and negotiating with international key anchors, and we will announce the results as soon as possible. These new partners will help complement the new shopping experience and lifestyle for Ratchaprasong in the heart of Bangkok to make it more vibrant than ever to meet the changing lifestyles of consumers,” Wallaya added.
“The area will be closed during the major renovations and will open again around the third quarter of 2021. The refurbishment will not affect CentralWorld’s revenue as Isetan lease was a long-term agreement paid in full since the building was known as World Trade Center.
Regarding Isetan’s stores and restaurants, such as the authentic Japanese restaurants, the concept will remain and most of the restaurants will open again. New stores and services will be added to meet the needs of loyal customers who appreciate the authentic Japanese lifestyle and cuisine as well. Customers are still welcome to visit Isetan department store from today until August 31,” Wallaya said
