What: Thailand is a highly competitive market which forces retailers either to focus on efficiency, or on international attractivity.

Why it is important: Siam Piwat plans to top up the Thai government effort in promoting tourism by investing $28m on their own.

Siam Piwat Co Ltd, a leading Thai real estate and retail developer, has revealed a four-pillar strategy aimed at reinforcing its leadership in global destination development and supporting Thailand's post-pandemic tourism rejuvenation.

Highlights:

• Notable Assets: Siam Piwat owns and operates globally recognized retail spots such as Siam Paragon, Siam Center, and Siam Discovery. They're also in a joint venture with IconSiam and Siam Premium Outlets Bangkok.

• Investment in Tourism: The company will allocate over 1 billion THB (US$28 million) in Q4 to assist the government's objective of achieving 30 million overseas visitors to Thailand. This investment is planned to double in the subsequent year.

• Strategic Pillars:

1. Shopping & Luxury Leadership: They will partner with luxury brands to launch 20 new shops in Q4, many marking their first appearance in Thailand. Major luxury brands at their malls are also set to expand their outlets.
2. MICE & Event Leadership: Collaborating with various sectors, Siam Piwat aims to make Thailand the top international MICE destination in Southeast Asia. Plans also include partnering with a renowned event organizer to establish a new convention center in Bangkok.
3. Promotion of Thai Art: With over 15 years of championing Thai artists, Siam Piwat is working to position Bangkok as the art hub of Southeast Asia. By 2026, they plan to open an international-standard River Museum at IconSiam to draw art aficionados globally.
4. Showcasing Thailand's Soft Power: Over the last decade, Siam Piwat has curated platforms like SookSiam to project Thailand's cultural richness. Their efforts include promoting the nation's food, film, fashion, and design and collaborating with government agencies to globally elevate Thailand's soft power.

• Performance: In the past eight months, the company's malls have experienced a 46% increase in visitors compared to last year, with an average expenditure of 8500 THB (US$238) per visitor.

• End Goal: CEO Chadatip Chutrakul emphasized the company's commitment to strengthening Thailand's tourism sector, which she believes will be pivotal in reviving the nation's economy.

In summary, Siam Piwat is proactively investing in strategies to support the Thai government's push to rejuvenate tourism, ensuring its position as a top global destination and fostering economic growth.

Siam Piwat plans to invest $28m to attract visitors to Thailand