“Siam Premium Outlets” Expands its Thai Network Announcing a Second Center in Phuket, Creating a New Global Destination in 2026
Bangkok ( 3 September 2024) - Siam Piwat Simon, a joint venture between two global retail leaders, Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, and Siam Piwat, owner and operator of leading retail developments in Thailand, is pleased to announce the expansion of "Siam Premium Outlets" with a second center in Phuket, one of the world's most renowned tourist destinations. This project aims to create a vibrant hub for shopping and tourism, catering to both local and international visitors, while contributing to the growth of the Thai economy and tourism sector. The new center is expected to open its doors in 2026.
Siam Piwat Simon achieved remarkable success with the launch of "Siam Premium Outlets Bangkok," the first of its kind in Thailand, in 2020. Strategically located along the Bangkok-Chonburi Motorway (Highway No.7), near Suvarnabhumi International Airport, this outlet brings an authentic premium outlet experience to Thailand for the first and only time. The outlet boasts over 300 brands, including luxury labels, popular designer brands, international names, and Thai favorites. Notable brands exclusive to this location include Balenciaga, Burberry, Versace, Marc Jacobs, Karl Lagerfeld, Rebecca Minkoff, Longchamp, Boss, Montblanc, Swiss Watch Gallery, Fred Perry, Nike United SPO, Pomelo and Siam Takashimaya among others. Siam Premium Outlets Bangkok has quickly become a key shopping destination in Thailand, attracting a steady flow of both Thai and international customers since its opening.
In 2023, Siam Premium Outlets Bangkok saw strong growth, with a remarkable increase in revenue compared to the previous year. This growth was accompanied by a steady rise in foot traffic, with the current occupancy rate reaching 100%.
Building on the strong success and shared vision between Siam Piwat and Simon, the company recognized a significant opportunity to expand its business by developing globally significant destination projects. As a result, the decision was made to move forward with the investment in a new center of "Siam Premium Outlets" in Phuket. Phuket is the second most popular tourist destination in Thailand after Bangkok and one of the top global destinations for both Thai and international travelers. This strategic location has attracted interest from both existing tenants of "Siam Premium Outlets Bangkok" and many new prospective tenants, who have expressed their desire for the company to invest in this expansion.
The upcoming Siam Premium Outlets Phuket will be developed with a unique concept designed specifically for Phuket province, with a focus on addressing current demands and supporting Phuket's growth over the next decade.
The second center of Siam Premium Outlets is strategically located in the center of Phuket, aiming to support the city's growth in all directions. It is designed to cater to the influx of Thai and international tourists, totaling over 15 million annually. This includes both locals and long-term expatriates known for their strong spending habits. Notably, tourists in Phuket spend an average of 8,355 Baht per person per day, making it a significant tourist market.
Phuket's robust purchasing power is underscored by its significant number of retail outlets, comprising 14 malls and 19 hypermarkets, complemented by 15 international schools. The island boasts convenient transportation networks, including well-connected roads and public transit. With an airport accommodating up to 20 million passengers annually and the forthcoming Andaman International Airport in Phang Nga province, Phuket stands ready for increased airport capacity, new investments and enhanced global tourism appeal.
Siam Piwat Simon Co., Ltd represents a collaboration between two leaders in the retail industry, set to create an exciting new retail phenomenon in Phuket with their global expertise and experience. Together, this expansion will create an unprecedented shopping and tourism experience, marking a significant milestone for Thailand's retail and tourism sectors.
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About Siam Piwat Simon Co., Ltd.
Siam Piwat Simon Co., Ltd. is a joint venture established in 2018 between Simon Property Group and Siam Piwat Group. The joint venture is Simon’s first in Thailand, and its fourth in Asia. In total, plans for the joint venture initially envision Premium Outlets projects to be built in Thailand. The first project of the joint venture of Simon and Siam Piwat Group is Siam Premium Outlets Bangkok.
About Simon Premium Outlets®
The global Simon Premium Outlets portfolio offers exceptional brands at extraordinary savings through a diverse mix of luxury, designer and homeware retailers. Our Simon Premium Outlets in the United States, Puerto Rico, Canada, Japan, Malaysia, Mexico, South Korea and Thailand are some of the most iconic and productive shopping destinations for residents and travelers including Woodbury Common Premium Outlets, Orlando International Premium Outlets, Desert Hills Premium Outlets, Las Vegas North Premium Outlets and Wrentham Village Premium Outlets. For more information follow Premium Outlets on Facebook, Twitter, and Instagram.
