The Mall Group’s EmDistrict posts growth at three malls
What: Em District is unfazed by the uncertain economy, posting growth from high-spending customers at its three malls during the final quarter of 2023.
Why it is important: The successful performance and growth of the Em District retail at its three malls, indicating positive economic trends and prospects for Thailand's tourism industry.
Chief executive Kriengsak Tantiphipop expressed confidence in the Thailand tourism industry, citing increasing foot traffic from both domestic and foreign visitors, particularly high-spending independent tourists. Despite the number of Chinese tourists not reaching 2019 levels, the majority of visitors were high spenders. The retail sentiment is expected to continue into the first quarter, driven by pent-up travel demand after the pandemic, with an anticipated increase in foreign visitors as flight numbers resume to 2019's level.
Em District recently opened its latest mall, EmSphere, which has surpassed expectations in terms of daily visitor numbers. Furthermore, a concert and multi-purpose hall called UOB LIVE was launched at EmSphere, aiming to host numerous events annually, including a special concert by international singer Ed Sheeran. The venue has state-of-the-art facilities and strategic surroundings in proximity to five-star hotels, positioning it as the preferred concert location for regional tours of global acts.