ICONSIAM, today signed a joint venture agreement to set up the first Takashimaya department store in Thailand at ICONSIAM as the national landmark's retail anchor.

Premium Japanese department store 'Takashimaya', together with ICONSIAM Co., Ltd., the developer of the Bht 50-billion riverside national landmark 'ICONSIAM', today signed a joint venture agreement to set up the first Takashimaya department store in Thailand at ICONSIAM as the national landmark's retail anchor.

The new Takashimaya, to be built with a total investment of Bht 3,000 million - of which Bht 1,800 million is the building construction value - is expected to generate a wave of excitement because of its many new offerings for consumers in Thailand. It is also expected to be a major new tourism draw in Bangkok that will attract visitors from around the region who are familiar with the Takashimaya brand's promise to provide one of the widest and most exclusive selections of products.

Mrs. Pasinee Limatibul, Chairman of ICONSIAM Co., Ltd., said, "Our joint venture with Takashimaya will help fulfill our promise to make ICONSIAM a place where the best of the world meets the best of Thailand. As one of Japan's most premium department store operators that selects only the primest locations for its new stores, Takashimaya's decision to establish at ICONSIAM a new, global landmark store as the development's anchor department store operator further strengthens ICONSIAM's position as a new landmark location for Bangkok. Takashimaya's entry into Thailand will create another revolution in Thailand's retail scene."

Mr. Yutaka Yamaguchi, Managing Director of Thailand's project, Takashimaya Co., Ltd., said, "Our new store in Bangkok will be a sensation. We know that ICONSIAM's location will be a globally significant landmark that will attract millions of visitors annually from around the region, and the world. We aim to complement that with one of the strongest supply chains in this sector to offer consumers a host of 'first-time-in-Thailand' Japanese and international brands. There will also be a great selection of products that will be exclusively available at this location as well as products that have been specifically designed for the needs of Thai customers and regional visitors.

"We look forward to working closely with Thai manufacturers, suppliers and service providers as well as distributors of Thai products to create an exciting new retail experience that brings together an extraordinary and complete range of products."

He said that Takashimaya is studying plans for the potential opening of more stores in Thailand in the future.

Mr. Narong Chearavanont, Vice Chairman of ICONSIAM Co., Ltd. said, "Our goal is to help make Bangkok the Retail Capital of Asia. Our joint venture is a superb combination of knowhow that brings one of the world's best department store operators together with a team that has great expertise in premium retailing in Thailand."

He said, "This important investment in Thailand by a top Japanese department store operator is a sign of confidence in the strength of the domestic economy. The joint venture enhances Thai-Japanese commercial relations and will also help Thai products find markets in Japan through Takashimaya's distribution system."

"The creation of a globally significant destination such as ICONSIAM is going to making Bangkok and Thailand a constantly exciting place to visit. The participation of Takashimaya in this national landmark project is certain to attract more tourists from around the world as well as encourage their repeat visits to Bangkok, which is already one of the most visited cities in the world," Mr. Narong added.

Established more than 180 years ago, Takashimaya is one of Japan's most admired premium department store operators, with 19 stores in operation in Japan and another three located in Singapore, Shanghai, and Taipei. And will open in Ho Chi Minh City in 2016.

Mr. Yutaka said, "We have decided to increase our presence in the region and hope to be a part of Thailand and to grow with it. Thailand is an important destination for Takashimaya because Thai per capita income is now at a level that will create a rapidly expanding customer base of people who both seek and can afford the type of quality products that we offer."

Takashimaya at ICONSIAM will open in 2017 with a gross floor area of around 36,000 square metres spread over seven floors, carrying a full line of luxury brands, cosmetics, ladies' wear, ladies' accessories, men's wear and accessories, lifestyle products, as well as premium food and beverage offerings.