Siam Piwat takes steps to retain position as No. 1 global destination developer in support of government’s policy, setting aside THB 1 billion to attract visitors to above target in Q4

Siam Piwat Co., Ltd., a leading real estate and retail developer, the owner and operator of world-renowned projects, such as Siam Paragon, Siam Center, and Siam Discovery, and a joint venture partner of ICONSIAM, and Siam Premium Outlets Bangkok, announces its business strategy in response to the government’s tourism promotion policy, known as the 4 Strategic Pillars, to further bolster its strengths as the No. 1, unrivalled developer of global destinations in Thailand. The Strategic Pillars comprise 1) world-class shopping leadership and leader in luxury retail segment that brings together all-encompassing offerings, 2) world-class events and MICE leadership, 3) leadership in elevating Thai art and establishing Bangkok as a global art hub, and 4) leadership in introducing Thailand’s soft power to the global stage. Furthermore, Siam Piwat is planning to spend over one billion baht to attract additional tourists to reach 30 million in Q4/2023.

Ms. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, stated that Siam Piwat is the leading developer of global destinations that have not only served as tourist magnets and solidified Thailand’s position as the top destination among global visitors for a long time but are also highly successful and widely recognized in the global real estate industry. The company also enjoys the most affluent customer base in Thailand. In the first eight months of 2023, Siam Piwat’s shopping malls welcomed 14 million visitors combined, a 46% increase from 2022, with an average daily spending per person at 8,500 baht. After the government plans to fully implement policies to facilitate and attract tourists into Thailand. It is quite confident to say that the number of visitors into Thailand will reach 30 million at the end of this year. Meanwhile, Siam Piwat has set aside the budget of 1 billion baht in the last quarter to actively organize several activities at its properties, to be as magnet to attract travelers around the globe.

To drive its business forward, Siam Piwat Group has developed a strategy in alignment with the government’s policy, consisting of the following 4 Strategic Pillars:

1.Leadership in creating extraordinary shopping experiences and strengthening its leadership in luxury retail segment: Siam Piwat will join forces with luxury brands, tenants, and business partners, to open 20 new shops of luxury brands in the fourth quarter, which many of them are first of its kind in Thailand. As part of this pillar, the company will be launching pop-up stores and world-class events in collaboration with over 40 brands from now until the end of 2024, while all groups of leading luxury brands are preparing to expand store spaces to be the largest Iconic stores at Siam Paragon and ICONSIAM next year.

2.Leadership in world-class event and global MICE: Siam Piwat is working with state agencies, the Thailand Convention and Exhibition Bureau (TCEB) and private sector to attract business travelers and high-spending tourists from across the world. Royal Paragon Hall on the fifth floor of Siam Paragon and True Icon Hall on the seventh floor of ICONSIAM have been used as venues for world-class events and conferences. This year the venues have been selected to organize up to 40 major events, while bookings are at 70% for 2024. Siam Piwat will also join with its partners in the global ecosystem across various businesses, including airlines, hospitality, tourism, and restaurants, to accommodate diverse event formats, support MICE businesses, and support Thailand in becoming an international MICE destination in Southeast Asia. In addition, Siam Piwat is currently in talks with a world-class event organizer to jointly invest and build a new convention center. For the fourth quarter of this year, the company will organize up to 40 national events at all shopping centers with the budget of 1 billion baht, and plans to launch communications campaigns to international media worldwide, raising confidence that it will be able to attract more tourists to visit and enjoy the festive activities.

3.Leadership in promoting Thai art and establishing Bangkok as global art hub: Siam Piwat is pioneer and has been the operator that support Thai artists for more than 15 years. It is the first company that brings art pieces of Thai artists to exhibit as public arts in shopping centers, while arranging several activities to enhance the ability of Thai artists to support the quality tourism. The company plans to propose the government and work with the state agencies to establish Bangkok as Southeast Asia’s art hub to exhibit global art pieces, such as Art Basel and Frieze in order to attract global artists to visit Thailand and open chance for Thai artists to jointly show their art pieces with global artists. More importantly, Siam Piwat plans to open River Museum on the eighth floor of ICONSIAM in 2026. With 8,000 square meter area, it will be Thailand’s first museum that meets international standard and have ability to showcase global masterpieces at the same level with leading museums in other countries. This is part of a strategy to attract public figures in the art industry, as well as collectors of art pieces from around the world. This target is a new group of high quality travelers that will help build on the strength of Thai tourism in the long run.

4.Leadership in introducing Thailand’s soft power to the global stage: Over the past 10 years, Siam Piwat has developed a platform of opportunities to promote Thailand’s soft power and bring together the best of the best that Thailand has to offer from across various industries, such as food, film, fashion, and design. In addition, Siam Piwat has created SookSiam, which gives over 6,000 SME operators and independent business owners from across all 77 provinces of Thailand to come together and showcase the Thai identity in various forms. It attracts at least 70,000 visitors daily and is widely mentioned in social media around the world. In addition, Siam Piwat has developed Thai brands through its retail business, including ICONCRAFT, ODS and ECOTOPIA, which successfully expand business overseas. The company will also be working with the Ministry of Commerce and the Ministry of Interior as well as world-class partners to elevate Thailand’s soft power and garner global recognition for the country.

Siam Piwat is ready to join hands with all parties to promote the tourism and hospitality industry, establish Thailand’s position as the top global destination, and support the government’s policy to bolster the tourism industry, which will play a vital role in driving the Thai economy, stimulating economic activities, generating income, and creating employment for a large number of people. The tourism industry serves as a magnet that attracts international visitors to Thailand, whose presence yields far-reaching benefits, not only to tourism business operators but also other sectors, such as retail, real estate, MICE, and hospitality.

“Siam Piwat is prepared to move forward at full throttle. We have allocated a budget of over 1 billion baht for this endeavor in the fourth quarter this year, with plans to double this amount in the next year to actively bolster Thailand’s tourism in support of the government’s policy. We are confident that the government will be able to transform our tourism sector into a formidable asset and create phenomena that will firmly establish Thailand as a premier destination on the map for travelers all over the world,” concluded Chadatip.