Siam Paragon announced on February 17 it is investing USD $88.6 million into a revamping of its facilities, as the Thai mall looks to become a “global landmark in the heart of Bangkok,” offering a platform for creatives from all fields to meet and connecting the physical world to the metaverse.
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Commencing at the end of 2022, the multi-million dollar investment project will take 18 months to complete, with a projected completion date in mid-2024. Earlier last year, Siam Paragon’s ‘Paragon Department Store’ began undergoing a revamp, scheduled to be completed in 2023.
“We believe in the ecosystem that we have created and in its the boundless potential. Through the collaboration of various industries, we will co-create new phenomena. We are putting away traditional real estate development playbooks. Siam Paragon will no longer be a shopping centre but a global platform where experts from all fields, including architects, engineers, interior designers, art and tech gurus, as well as luxury brands across the world and Thai entrepreneurs can engage in co-creation. The platform will also seamlessly connect the physical world and the digital world through OneSiam SuperApp and the Metaverse to fulfill lifestyle needs for all visitors and deliver world-class experiences beyond expectations in all dimensions,” said Mayuree Chaipromprasith, President of Corporate Affairs and Communications, Siam Piwat Co., parent company of Siam Paragon, in describing the vision for the transformation of Siam Paragon.
“Siam Paragon is highlighting the idea of co-creation on this platform to bring about sustainable development and business growth. This is where everyone will collaborate to redefine excellence. Many entrepreneurs have already launched highly successful flagship stores, and for this next level, we will work with them to bring to life one-and-only ultimate iconic stores in Thailand.
“Each day, Siam Paragon welcomes visitors from all over the world. We are placing a strong emphasis on shaping Siam Paragon into an ideal community for citizens of the world. We have been conducting our most in-depth and broadest study on the largest group of customers to obtain insights, which will be utilized to enable us to better resonate with their needs and wants, their passions, and a broad spectrum of interests in order to deliver distinctive and engaging experience. As part of this major transformation, we will create an immersive community where customers will be a part of this key milestone. We will soon introduce ‘The Wall of Wonders’ campaign, which features a shared community space where locals and international customers can share on interactive walls their ideas and what they would like to see and experience at Siam Paragon. We will integrate those ideas from people from around the globe into our space with cutting-edge technology to cater to each community and all lifestyles in a fascinating way. More details on the ‘Wall of Wonders” campaign will soon be announced,” said Chaipromprasith.
The transformation project comes on the back of soaring revenue in 2022, which exceeded expectations and surpassed pre-Covid sales in 2019, with the luxury segment pushing the jump in sales. The sales uptick highlights Siam Paragon’s strong leadership in the high-net-worth shopper segment, added the retailer.
Founded in 2005 in Bangkok, Thailand, Siam Paragon is one of the largest malls in Thailand, along with IconSiam, CentralWorld and CentralPlaza WestGate.