What: Siam Paragon mall is aiming to reinvent itself in Bangkok

Why it is important: The competition is harsh in Thailand, with Central and The Mall Group having already announced similar projects at a more massive scale earlier, in 2022.

Siam Paragon, a 500,000sqm retail destination in Bangkok, has launched an $88.6m transformation project called The Next Level Evolution to become a global landmark in 18 months. The project aims to upgrade the shopping mall to "bridge the physical world, the digital world, and the metaverse" and is set to be completed by mid-next year.

Siam Paragon's investment plan will meet the surging demand from luxury brands, and more than 100 brands are on a waiting list to open stores in the mall. The mall has exceeded its revenue target and achieved growth of over 50% YoY in 2021, primarily driven by the luxury segment.

Siam Piwat, the company behind the project, is putting away traditional real estate development methods to create a unique destination for brands, entrepreneurs, architects, designers, and tech experts to engage in co-creation. The project will also integrate art, technology, and nature to create a cleaner, more sustainable world. Siam Paragon will continue to trade throughout the redevelopment project with areas refurbished and rebuilt in stages to minimize disruption to visitors.

Inside the $88.6m Siam Paragon mall transformation plan