Siam Retail Development, operator of Fashion Island, is planning to develop a new shopping mall in Bangkok in a joint venture with a local business partner.
The company is in the process of studying concept and pattern of the new shopping complex together with its joint venture partner. Details will be announced by the end of this year.
Prasert Sriuranpong, executive director of Siam Retail Development, said the company has already invested Bt400 million in a major renovation of the 13-year old Fashion Island shopping complex on Ram Indra Road, which is almost 85 per cent complete.
The shopping mall will next year invest another Bt200 million to complete the renovation process. The new look dubbed "The Joy of Shopping" will upgrade entertainment and recreation facilities to cater to today's lifestyle. After the renovation, Fashion Island will come out in a minimal modern style.
"Nowadays, shopping plazas are mushrooming everywhere, from central Bangkok to the suburbs. To win loyal patronage, each plaza strives to raise the bar of excellence in terms of architectural design, shops, marketing strategy, sales promotions and supporting activities," said Prasert.
"Having been a comprehensive shopping mall for over 13 years, Fashion Island realises the importance of constant improvement and renovation to fit well with the needs of our target consumers in the Ram-Indra area," he said.
Prasert said that since Ram-Indra has now evolved into a residential area attracting new target groups such as teenagers, workers and families, the company feels it is time to renovate the shopping mall. This will cater to the changing consumer demand for service-oriented retail and entertainment attractions in addition to the traditional shopping experience.
Fashion Island's transformation includes a new logo, the use of a minimal modern theme for interior and exterior design to reflect a bright, trendy and spacious shopping mall, well-organised commercial zoning and the addition of lifestyle outlets such as restaurants, high street brands, shops, fashion, health and beauty, IT, and many more.
Prasert said Fashion Island had enjoyed higher traffic by 9 per cent in the first eight months of this year. The mall had attracted 16,000 vehicles on weekdays and up to between 20,000 and 23,000 vehicles on weekends. About 70 per cent of its shoppers visit the shopping mall in cars.
"About two to three million Bangkokians live in the urban areas of Bangkok. The majority lives in suburban areas such as Ram-Indra. But there is no difference in the shopping habits of people, irrespective of where they live. What we have to do is cater closely to the rapid change in their lifestyle," said Prasert.
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