In the first quarter, Siam Paragon, a business under the Siam Piwat Group, A major transformation was announced last week. It is a shift of business groups to support the growth of the domestic economy that is expected to improve. and purchasing power from tourists that the Kasikorn Research Center has predicted that 20.0-24.0 million people will enter in 2023.
For the year 2023, Siam Paragon as a Bangkok landmark Continue to march with an announcement of a budget of more than 3,000 million baht to improve the entire shopping center area. which has already begun to operate in parts From the end of 2022 onwards, it will take within 18 months from now. and is scheduled to be completed in mid-2024. Since 2021, Siam Paragon has begun renovating ‘Paragon Department Store’ on several floors. which will be completed in 2023
Global Landmark Transformation Project that will define a new definition of excellence that meets the needs of living in the future world in every dimension which consists of 5 key elements
- New Universe of Living the Ultimate (Universe of World’s Excellence) develops a project that is a great destination with the concept ‘Co-creation’ or Co-creation & Collaboration with visionary partners in every industry
- Gateway to Next Frontier Where Digital World Meets Physical World Siam Paragon will be the world’s first Co-Creative New Global Prototype platform.
- New dimension of luxury (Celebration of Inclusive Luxury), turning the history this time. Siam Paragon will create a new definition of luxury in all dimensions of lifestyle (Luxury for All) for people of all genders, ages, and levels.
- Leaders in creating quality life experiences (Pioneering Quality Life Experience) together with partners to design a large space that will combine art, technology and nature into a destination project. to make the world clean Organize a system for energy consumption by using innovative prototypes in various areas. to meet the needs of living for sustainability
- The Paragon Community of Global Citizens (The Paragon Community of Global Citizens) elevates experiences beyond expectations both in the shopping center and in the digital world. It will increase the potential for Siam Paragon to expand its customer base to become a Global Citizen by creating new areas as clusters with products, services and activities that meet the needs of various communities.
Siam Paragon’s success in 2022 was able to create a phenomenal revenue growth of more than 50% from 2021. and higher than 2019 Although the number of customers who are foreign tourists is not as much as before But Siam Paragon was still able to generate growth beyond the target. especially in the luxury category Luxury brands continue to grow in sales in the world’s top rankings. Maintaining the leading position in the customer base with the highest purchasing power in Thailand for the third year
Caroline Murphy, Managing Director Sales and Business Relations Department, Siam Piwat Co., Ltd., revealed that “Siam Paragon has been very successful in 2022, able to generate revenues that exceeded the target. Growing more than 50% from 2021 and higher than 2019, although the number of foreign tourists is not as large as before the outbreak of Covid-19. Especially luxury brand products that can generate sales and have a high growth rate over the past 3 years, reflected by luxury brands heading for the Thai market. It is an important stage to launch concept stores or new collections for the first time in Southeast Asia and Asia continuously. As a result, there is a need to expand the area and expand more branches. In line with the investment plan to renovate Siam Paragon. to welcome luxury brands and new brands Hundreds of other brands are on the waiting list, many of which will make their debut in Thailand. And there are exclusive brands only at Siam Paragon. These all underline the true gem of a world-class luxury destination.”
Caroline added, “We will be creating the world’s first new prototype platform (Global Prototype) that will provide a platform for the best talent everywhere. Sides come together Co-create to create world-class works and experiences beyond expectations The new project that we are moving forward will be a project called ‘The Next Level Evolution’ that will create another great phenomenon in the retail industry. because we are transforming ‘Siam Paragon’, the whole building on an area of 500,000 square meters in the heart of the metropolis of Siam It can be regarded as a truly game-changing game changer that will make Thailand stand out on the world stage. and continue to be number one in the hearts of people around the world.”
When it comes to important visions towards transformation ‘Siam Paragon’ this time is considered to connect the world in all dimensions. Mayuree Chaipromprasit President Corporate Relations and Corporate Communications Division, Siam Piwat Co., Ltd. commented on this occasion that “Our business policy is Collaborate to Win. We believe in the limitless potential of the ecosystem that we cooperate with business partners. covering all industries to come join forces with us to create a business to create new phenomena Tearing up old rules and textbooks of real estate development Siam Paragon will no longer be just a shopping center. Rather, it will be a global stage platform that allows experts in various fields, including architects, engineers, interior designers, experts in art and technology, as well as join forces with luxury brand entrepreneurs around the world. and Thai entrepreneurs come together to create (Co-creation) connects platforms in the physical world (Physical World), Digital World (Digital World) via ONESIAM SuperApp and the virtual world (Metaverse) together seamlessly. To complete and enhance the lives of people and visitors to get a world-class experience that is completely beyond expectations in every dimension.”
Mayuree went on to say that “Siam Paragon reinforces the concept co-creation (Co-creation) on this platform To bring development and sustainable business growth. Because everyone will create a new definition of the best of excellence together with many entrepreneurs. Which has created a highly successful Flagship Store in the Next Level will create the only Iconic Store that takes it to the next level, the most complete in Thailand. Transforming Siam Paragon this time We will create the first phenomenon of opening for all customers to be able to be a part of the important transformation of Siam Paragon as well. Therefore, in the near future Siam Paragon will open a public area. To listen to the ideas of both Thai and foreign customers around the world through the Wall of Wonders project in the form of an Interactive Wall where customers can suggest that What kind of novelty would you like to see in Siam Paragon? It will bring opinions from people around the world to create different areas. to have a variety match people’s interests in each community Combined with advanced technology that meets the needs of people’s lives in various dimensions. The details of the Wall of Wonders project will be announced soon,” said Mayuree.