Low-key opening for 4-billion-baht Siam Premium outlet mall located on the Bangkok-Chon Buri Motorway No.7 near Suvarnabhumi airport
Siam Premium Outlets Bangkok, billed as Thailand’s first premium outlet centre, opened Friday (19.06.2020) without fanfare.
The 4-billion-baht outlet mall located on the Bangkok-Chon Buri Motorway No.7, which connects Bangkok to tourist destinations in eastern Thailand, saw about 12,000 shoppers on the first day.
The mall is expected to span 150 rai of land, with 50 rai developed in the first phase. The remaining 100 rai will be developed for the second and third phases in the future.
The project was subject to delay for three months as Michael Tang, managing director of Siam Piwat Simon, the operator of Siam Premium Outlets Bangkok, revamped the business strategy to focus entirely on local customers while foreign tourists remain barred from entry during the outbreak.
Siam Piwat Simon is a joint venture of Simon Property Group, the owner of more than 200 shopping and mixed-use destinations across North America, Europe and Asia, and Siam Piwat Co, the operator of Siam Paragon, Iconsiam and Siam Center in Bangkok.
The centre is the second outlet mall to open near Suvarnabhumi airport. Last August, Central Pattana Plc opened Central Village, a 5-billion-baht project near Lat Krabang offering more than 150 stores.
Siam Premium Outlets Bangkok provides more than 200 brands, with 60 brands available exclusively at the centre.
Highlighted brands include Burberry, Balenciaga, Bally, Breitling, CK, Furla, Hugo Boss and P.S. Paul Smith.
“Simon Property is an investment firm, not just a developer, so we have to open the mall to generate revenue as fast as possible,” Mr Tang said. “Premium outlet is a retail trend that still has potential to grow.”
He said opening the outlet will not only create more than 1,000 jobs and help the economy, but it will also reinforce Thailand as one of the world’s most popular tourism destinations.
The new mall is open daily from 10am to 9pm.
Some 65% of shops have opened their services, with the figure expected to reach 70% by the end of the year.
The outlet is scheduled to fully open in the third quarter of next year. Siam Piwat Simon expects 10,000 shoppers a day with average spending of 1,500-2,000 baht per visit.
Chadatip Chutrakul, chief executive of Siam Piwat, said the company’s retail business is expected to take 18-24 months to recover because it relies partly on foreign tourist spending and is still feeling the effects of social distancing measures.
“We have been ready to open our premium outlet mall since March because we are confident about Thailand’s economic fundamentals,” Mrs Chadatip said. “We are the only premium outlet in the world to open during the deadly pandemic.”