Thai conglomerate to build shopping mall in Phnom Penh
Thailand’s largest retailer is set to invest in a large shopping mall in Phnom Penh, Bangkok’s ambassador to Cambodia has revealed.
Nuttavudh Photisaro, Thailand’s ambassador to Cambodia, said last week that the Central Group, the largest Thai-based retailing company, will soon come to Cambodia and invest in the construction of a large mall.
He said company’s representatives had already studied their proposed site. However, the location of the new mall has not been revealed and building
work has not started. Mr. Nuttavudh said he was proud of his diplomatic mission in Cambodia and added that he had helped mobilize many Thai investors to invest in the kingdom.
“By investing in a large shopping mall, they hope that the trade volume between the two countries will increase,” he said.
The Central Group has many major businesses in Thailand such as large shopping malls, the BigC Malls, the Pattaya Center and Robinson Center and the Plaza Center Hotel. The family-owned business also has the controlling stake in the “Bangkok Post”, Thailand’s largest and oldest English-language newspaper.
The company earned profits of $10 billion last year, up 13 percent compared with 2015.
Ann Sothida, an associated director of CBRE Cambodia, said shopping malls in the country still have a chance to grow because the market has seen increased purchasing power and the number of shopping malls in the country with international standards is still limited.
She added that with an increased number of international shopping malls and supermarkets, domestic investors must focus on design and sales systems to make them more attractive and competitive.
The size of Cambodia’s shopping malls is small when compared with Thailand’s and Vietnam’s, she added.
The trade volume between Thailand and Cambodia decreased by 6 percent last year. The trade volume between the two countries last year was $5.6 billion. Cambodia’s exports to Thailand amounted to $936 million and imports from Thailand to Cambodia were equal to $4.7 billion.
At present in Phnom Penh the shopping malls consist of AEON Mall, which is building another mall in the city, Soriya Mall, City Mall and PARKSON.