Ratchada Night Market Shuts Doors Suddenly, Leaving Businesses in the Lurch

 

A popular night market in Bangkok's Ratchada district, The One Ratchada, has announced its sudden closure, leaving over 130 businesses facing potential ruin and staff facing unemployment.

 

The market, which had been operating for around two to three years, officially ceased trading on May 5th, 2025.

 

"Krungthep Turakij" newspaper spoke to a restaurant owner who had been trading at the market for over two years.

 

They revealed that the market's owner convened an emergency meeting with all vendors on the evening of April 29th, informing them of the immediate closure due to the expiration of the land lease.

 

The news came as a shock to traders, who were given just days' notice. Many had invested heavily in stock and infrastructure, with some facing losses running into hundreds of thousands of baht.

 

The closure also means job losses for numerous staff, particularly those whose employers have no alternative locations.

 

The owner of The One Ratchada has offered affected businesses the opportunity to relocate to the Night Bazaar near Ladprao underground station, with an initial rental fee of 1,000 baht for three months and reduced utility costs, allowing them to begin trading in June.

 

However, business owners are sceptical about the new location, noting its previous unsuccessful run as a night market and its primary clientele of Chinese tourists due to nearby hotels. Most are reluctant to move.

 

The affected traders are now holding discussions to explore further compensation measures from the market owner.
 

 

 

While the immediate cause of the closure is cited as the expired lease, business owners suggest that the challenging economic climate may also have played a role, with customer numbers dwindling.

 

Despite the market owner's attempts to boost traffic with events, the increase in visitors was not substantial. Furthermore, it is understood that a dispute between the market owner and the landowner may have been a contributing factor.

 

One business owner lamented, "We've already seen a drop in customers, leading to lower sales. But everyone stayed, hoping things would improve. Some businesses were running at a loss, waiting for better times. This sudden closure is a heavy blow. The most worrying thing is the staff – the employees – who are now in a very difficult situation, wondering where they'll find work. It's heartbreaking. As for us, investing in a new location requires serious consideration in the current economic climate."

 

Adding to the traders' woes is the issue of security deposits. While early tenants were required to pay a deposit, newer ones were not.

 

Now, the market owner has indicated that these initial deposits may not be returned, and the terms of the lease agreements have also changed, leaving tenants feeling doubly wronged.
 

 

 

Retail expert Thaninrat Pakdeepinyo analysed the closure, noting that while the market initially performed well after its August 2024 launch, the broader economic downturn has likely impacted customer numbers.

 

Thailand's GDP growth of 2.5-2.8% is among the lowest in ASEAN, signalling a weakening economy. Worryingly, the National Credit Bureau reports significant household debt, with a large portion classified as non-performing or at risk of becoming so.

 

Coupled with a rise in repossessions of vehicles and homes, this indicates that the market's core customer base – middle to lower-income earners – are struggling financially, leading to reduced spending power and impacting markets nationwide.