(Source: Retail in Asia | Aug. 31, 2015)
Bangkok’s shopping mall Siam Center has been selected as one of the world’s five best-designed retail centres by the retail industry’s leading international association – the International Council of Shopping Centers (ICSC), according to Siam Piwat Co., Ltd., the owner and operator of Siam Center as well as retail development Siam Paragon.
Siam Center is one of five honorees from around the world presented with the 2015 ICSC VIVA Award in the “design and development” category and is recognized for “most outstanding design”. The award follows Siam Center’s selection in 2014 as a Gold Award Winner by the Asia Pacific Shopping Center Awards for its innovative new design.
Siam Center completed a full-scale rejuvenation in 2013 with an investment in excess of THB1.8 billion (USD1.29b) by Siam Piwat and 300 brand owners in the biggest collaborative initiative in retail development ever undertaken in Thailand.
Chadatip Chutrakul, CEO of Siam Piwat Co., Ltd. said that Siam Piwat decided to make a major investment in Siam Center in line with the evolution of retailing, “which is no longer just about retailing, but about providing extraordinary experiences in an arena where people can be inspired, excited and entertained.”
According to Chutrakul, after Siam Center introduced its award-winning design and concept, it has measured significant increases in visitors, in the number of visitors actually shopping, and in the average spending by each visitor.
“Since the new concept was introduced, the number of people visiting Siam Center has increased by almost 12,000 people a day, as compared to the year before. And, of those people visiting Siam Center, the number of people who actually do some shopping at the venue has leapt by an incredible 34 percent.”
“Beyond that, the average spending by shoppers has more than doubled and is now at almost THB3,000 per shopper, per visit. This reflects the success of the collaboration between retailers, brand owners and Siam Piwat to excite and inspire visitors,” she added.