• economy (general)

Siam Paragon invests US$88.6 million to transform the global landmark to the next level

PRNewswire February 17, 2023
  • Siam Paragon┬áhas launched a transformation project to redefine the ‘global legendary landmark in the heart of Bangkok‘, taking it to new heights of excellence to meet new lifestyle needs of the future.

  • Siam Paragon will create a global prototype of a platform where the best of the best from every field can come together and co-create world-class projects and experiences that exceed all expectations.

  • The transformation will seamlessly bridge the physical world, the digital world, and the Metaverse to present the incredible and exciting lifestyles of the future.

  • Siam Paragon generated record-high revenue in 2022, with over 50 percent growth from the previous year, surpassing its pre-covid market value in 2019 despite a significantly smaller number of international visitors. Luxury brands also earned the world’s top ranking in sales. The success reinforces Siam Paragon’s strong leadership in the affluent shopper segment. ┬á┬á┬á┬á┬á

BANGKOK, Feb. 17, 2023 /PRNewswire/ –┬áSiam Paragon, a world-class destination, has officially launched a transformation project to redefine the ‘global landmark in the heart of Bangkok‘ and take it new heights of excellence to meet all the lifestyle needs of the future, reinforcing its positioning as one of the most-visited ‘global landmark destinations’. Commenced towards the end of 2022, the US$88.6 million┬áinvestment project will take 18 months to complete, with a projected completion date in mid-2024. The transformation project is unveiled together with the achievement of the soaring revenue in 2022, which exceeded the target and surpassed the pre-covid sales in 2019, with the luxury segment pushing the jump in sales and achieving world’s top ranking. The roaring success amplifies Siam Paragon’s strong leadership in the high-net-worth shopper segment.┬á┬á┬á┬á

Ms. Caroline Murphy, President ÔÇô Sales and Business Relations of Siam Piwat Co., Ltd., stated, “Over the past 17 years, Siam Paragon has established itself as a global destination that has earned the top-of-mind position among Thai and international visitors alike. As a vital part of Bangkok’s DNA, Siam Paragon has been meshed into every heartbeat of the metropolis and has breathed vibrancy into the daily life of people in Bangkok. It is also the ultimate microcosm where visitors from across the globe can come and experience the latest lifestyle trends of Bangkokians.”

Siam Paragon has been a platform for retailers, including luxury brands and local entrepreneurs, to showcase the best of the best. As reception for luxury products has been phenomenal and some of the world’s highest growth in sales has been achieved here, Siam Paragon has established itself as a bona fide destination for luxury items. In addition, many brands have opened pop-up stores in our venue to offer limited collections, thus generating buzz and experience beyond expectations for customers, reinforcing Siam Paragon’s leadership in the affluent customer segment in Thailand. Siam Paragon has also been ranked as the world’s 6th most checked-in destination and the only venue in Thailand and Asia to place on Facebook Review’s list of top-ten global destinations, making it truly a global legendary landmark.”

“Siam Paragon had an exceptional year in 2022, as the revenue not only exceeded the target but showed an astonishing growth of over 50 percent compared to a year earlier and surpassed the pre-Covid-19 figures in 2019 despite the limited presence of international tourists. The leap in sales was driven primarily by the luxury segment, which reported soaring profits and three consecutive years of world-class performance. This success has led luxury brands to prioritize Thailand as their key target in Southeast Asia and Asia for launching special concept stores or unveiling their latest collections, thus boosting demand for space for additional store locations. Siam Paragon’s new investment plan will enable it to meet this demand and accommodate more luxury brands and new brands out of the over 100 names currently on the waiting list. Newcomers will include brands that will be making their debut in Thailand and brands that will be available exclusively at Siam Paragon. These factors all reinforce Siam Paragon’s position as the true global ‘luxury destination.’

Ms. Murphy┬áadded, “We will build a new global prototype of a platform where the cr├¿me de la cr├¿me from every field can come together and co-create world-class projects and experiences that exceed all expectations. This new project is called “The Next Level Evolution,” in which we will create yet another phenomenon in the retail business as we transform Siam Paragon, a world-class landmark in the heart of Bangkok, to redefine excellence and cater to all lifestyle needs of the future. The game-changing transformation of the 500,000 sq.m. destination in the middle of Siam will also place Thailand firmly on the global stage once again and enable it to win over the world.”

Beginning in 2022, Siam Paragon’s ‘Paragon Department Store” has been undergoing a revamp, scheduled to be completed in 2023. Alongside this overhaul, Siam Paragon is investing US$88.6 million┬ámore in the transformation of the ‘global landmark in the heart of Bangkok‘. Renovation has been ongoing in sections since the end of 2022 and is expected to reach completion in the mid of 2024, or 18 months from now.

Vision for the Transformation of Siam Paragon

Ms. Mayuree Chaipromprasith, President of Corporate Affairs and Communications, Siam Piwat Co., Ltd, described the vision for the transformation of Siam Paragon. “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 center 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.”

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.”

┬á”Each day, Siam Paragon welcomes visitors from all over the world.┬á We are placing a strong emphasis on shaping Siam Paragon into an ideal community for citizens of the world. ┬áWe 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┬ábetter 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. ┬áMore details on the ‘Wall of Wonders” campaign will soon be announced,” said Mayuree.

The Pillars of Siam Paragon ÔÇô The Next Evolution

To rise to new heights of excellence and meet all lifestyle needs of the future, Siam Paragon ÔÇô The Next Evolution will be built upon five pillars as follows:

1.┬á Universe of the World’s Excellence

To complete this ultimate transformation, Siam Paragon is relying on co-creation and collaboration with visionaries from every industry to bring about the greatest phenomenon of the 21st century, deliver groundbreaking innovations never before seen in the retail industry, and ultimately elevate Siam Paragon to a global legendary destination, thus setting a new benchmark of excellence.

2.  Gateway to the Next Frontier Where the Digital World Meets the Physical World

Siam Paragon will become a new global prototype of a co-creative platform that seamlessly bridges all the five physical senses with the imaginative power of the digital and virtual world to present lifestyles of the future in a way that goes above and beyond all expectations and deliver physical experiences that mesh perfectly with the eye-popping wonder of the virtual world ÔÇô a new key magnet that will draw visitors from across the globe to Siam Paragon.

3. Celebration of Inclusive Luxury

Over the past 17 years of operation, Siam Paragon has established itself as the leader in Thailand’s highest spending consumer segment and as a destination that boasts the most comprehensive range of luxury brands. The new historic transformation of Siam Paragon will redefine luxury for all, regardless of age, gender, or walks of life, across every sphere, from fashion, lifestyle, dining, travel all the way to technology, finance, and other personalized experiences. This will mark the first time ever in the world that everyone can access and experience luxury in every facet of life and reward themselves.

4. Pioneering Quality Life Experience

As an integral part of this transformation and prototype development for future lifestyles, Siam Paragon will be co-creating a large space with its partners to bring art, technology, and nature into the venue to contribute to a cleaner world, improve energy efficiency, cater to sustainability-minded lifestyles, and ultimately enhance the well-being and the way of life for communities and the world, all this in a way that goes beyond the bounds of imagination. Visitors will be able to spend their time in Siam Paragon as their second home where they can take in nature, in an environment with excellent temperature and hygiene management and one of the best greenhouse gas management systems in Asia.

5. The Paragon Community of Global Citizens

Siam Paragon strives to rise to new heights and deliver both in-store and digital experience beyond expectations, which will further strengthen Siam Paragon’s capability to expand its customer base to global citizens and achieve sustainable growth. Siam Paragon is creating new ‘cluster’ spaces to offer products, services and activities that serve the needs of different communities. By engaging customers and fostering a sense of ownership in their communities, customers can share ideas and interests, create opportunities, and discover new technologies and business opportunities from whereever they are. ┬á

Siam Paragon is also in the process of considering more┬áworld-class concepts to feature for the first time in Thailand and the world and concluding all the exciting highlights of Siam Paragon ÔÇô The Next Evolution.

“Research has shown time and again that Siam Paragon has always been the number one destination for Thai and international visitors and has become a familiar part of the lives of Bangkokians of all generations. Through the long-standing and close relationships with its customers, fostered through billions of visits, Siam Paragon has developed a truly unique character. Therefore, while we are going ahead with a major transformation to rise to the next level of excellence and meet all lifestyle needs of the future, which is full of promise of so many exciting offerings, we recognize the necessity of preserving our essence, which gives Siam Paragon its distinctive identity and has earned Siam Paragon a special place in the hearts of all visitors that cannot be replaced by any other development project,” concluded Ms. Murphy.

SOURCE Siam Paragon

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