“We want to create a unique shopping experience for all customers. To make the new Siam Discovery different from its neighbouring shopping malls Siam Center and Siam Paragon, we want to introduce a revolutionary new retail concept in Thailand,” said Chadatip Chutrakul, chief executive officer of Siam Piwat, which also owns and operates Siam Paragon and Siam Center.
To turn this shopping venue into a hybrid retail destination, Siam Piwat decided to ensure that its 40,000 square metres of retail space would offer a range of products and undertake sales and marketing strategies that would be more flexible and respond to customers’ demands.
Previously, Siam Discovery hosted at least 120 retail tenants.
After the reopening, there will be hundreds of categories and more than 5,000 international and local brands on offer.
“We invited [Japanese design studio] Nendo to provide the inspirational design concept for Siam Discovery because Siam Piwat looks at the future from a global perspective rather than just the potential of the Thai market,” Chadatip said.
To turn this vision into reality, the Siam Discovery renovation was overseen by Oki Sato, one of the world’s top designers.
“Our role as a retailer has advanced to another level and become one of managing visitors’ experiences and emotions at the destination, rather than just one of managing products, categories and displays,” Chadatip stressed.
Besides being Nendo’s largest project in Thailand, this is the first major facelift of the 18-year old shopping complex. The aim is to cash in on the potential growth in shopping and retail markets in Thailand following the implementation of the Asean Economic Community (AEC) early this year.
Chadatip said the 2 million square metres comprising the Siam area was considered one of top-ranked retail destinations in Bangkok, which annually attracts more than 200,000 visitors. The number of foreign-tourist arrivals is expected to rise, particularly after the full implementation of the AEC.
Give this potential, one year after the reopening, Siam Discovery is expected to welcome 100,000 visitors a day, of whom about 65 per cent will be local shoppers while the remaining 30-35 per cent will be foreign tourists.
“We aim to double our sales revenue within one year compared the sales in the year before this major renovation,” she said.
Siam Piwat targets recovering the cost of this renovation within five to six year as it believes that this is a long-term investment. By the end of this year, the company hopes to see at least 10-per-cent revenue growth, partly driven by the new Siam Discovery.