Thai mall developer Siam Piwat is planning to invest over THB4 billion (USD123.5 million) to give Siam Discovery a total renewal for both its interior and exterior.
Siam Piwat is the owner and operator of leading retail and lifestyle complexes in downtown Bangkok, including Siam Paragon, Siam Centre and Siam Discovery.
Before it closes down for renovation, Siam Discovery will have a Ground Breaking Sale between 23 April and 5 May 2015. The new shopping mall will be open for business in early 2016.
"Last year announced a 5-year investment of THB55 billion, the THB4b total renewal Siam Discovery is an additional investment. The renewal construction will begin in May 2015 and we will be unveiled in early 2016," said Siriphen Intuputi, senior executive for Marketing and Public Relations, Siam Piwat Co., Ltd.
Two years ago, Siam Piwat had a renovation of its Siam Centre which received good feedback from tenants and visitors. Siam Discovery has been in operation for over 18 years. The facelift aims to bring new experiences to Thai shoppers and international visitors who will come to Thailand in great numbers following the creation of the ASEAN Economic Community (AEC).
"Thailand will be the tourism and transport hub of AEC because, in addition to our central location in ASEAN, we also have potential in many areas. We have quality human resources, technological advances and readiness as an ideal venue for international conferences and exhibitions and as a distribution centre and medical hub. We are also outstanding in tourism. We believe that after the AEC takes effect, Thailand’s retail industry will grow by more than 25 percent. There are a lot of new investments in the retail sector in anticipation of future economic growth. This includes Siam Piwat’s planned investment during 2015 – 2019, with the renewal construction of Siam Discovery a part of the plan," noted Intuputi.
Siam Piwat has partnered with more than 100 branded stores to offer special discounts for loyal customers under the "Ground Breaking Sale" campaign at Siam Discovery. All famous brands inside Siam Discovery will offer discounts of up to 90 percent in their clearance sale. In addition, the company has joined forces with leading credit cards to offer generous privileges for visitors shopping during the promotional period.