Siam Piwat Co, a prominent player in the real estate and retail development sector as well as being the proprietor and operator of Siam Paragon, Siam Center and Siam Discovery, is fully committed to supporting the government's tourism promotion policy.
To this end, it has earmarked 1 billion baht to launch several initiatives aimed at boosting the influx of foreign arrivals to Thailand to reach a target of 30 million in 2023.
Chadatip Chutrakul, the company's chief executive, said Siam Piwat has developed a strategy in alignment with the government's policy, encompassing four key pillars: world-class shopping leadership and leadership in the luxury retail segment that brings together all-encompassing offerings; world-class events and meetings, incentives, conferences and exhibitions (Mice) leadership; leadership in elevating Thai art and establishing Bangkok as a global art hub; and leadership in introducing Thailand's soft power to the global stage.
Under the strategy to retain its leadership in creating extraordinary shopping experiences and strengthening its leadership in the luxury retail segment, Mrs Chadatip said Siam Piwat is collaborating with luxury brands, tenants and partners to introduce 20 new luxury brand stores in the fourth quarter, many of which will be the first of their kind in Thailand.
Alongside this, the company plans to roll out pop-up stores and world-class events in partnership with over 40 brands through 2024. Leading luxury brands are also expanding their store spaces at Siam Paragon and Iconsiam to create the largest Iconic stores next year.
In a move to achieve leadership in the world-class event and global Mice market, Siam Piwat is teaming up with government agencies such as the Thailand Convention and Exhibition Bureau and the private sector to attract business travellers and high-spending tourists from around the world.
Royal Paragon Hall on the fifth floor of Siam Paragon and True Icon Hall on the seventh floor of Iconsiam have been used as venues for world-class events and conferences. This year the venues have been selected to host up to 40 major events, while bookings are at 70% for 2024.
Siam Piwat will also join with its partners in the global ecosystem across various sectors, including airlines, hospitality, tourism and restaurants, to accommodate diverse event formats, support Mice businesses and support Thailand in becoming an international Mice destination in Southeast Asia.
In addition, Siam Piwat is currently in talks with a world-class events organiser to jointly invest and build a new convention centre.
On the strategy to become a leader in promoting Thai art and establishing Bangkok as a global art hub, Mrs Chadatip said the company plans to propose to the government and work with the state agencies to establish Bangkok as Southeast Asia's art hub to exhibit global events, such as Art Basel and Frieze to attract global artists to Thailand and provide opportunities for local artists to showcase their work with global artists.
More importantly, Siam Piwat plans to invest 400 million baht to open the River Museum on the eighth floor of Iconsiam in 2026. With an 8,000-square-metre area, it will be Thailand's first museum that meets international standards and has the ability to showcase global works at the same level as leading museums in other countries. This is part of a strategy to attract public figures in the art industry, as well as collectors of art from around the world.
This target is a new group of high-quality travellers that will help build on the strength of Thai tourism in the long run.
According to Mrs Chadatip, in its bid to achieve the goal of becoming the leader in introducing Thailand's soft power to the global stage, the company will also be working with the Commerce Ministry and the Interior Ministry as well as world-class partners to elevate Thailand's soft power and garner global recognition for the country.
Siam Piwat is also ready to join hands with all parties to promote the tourism and hospitality industry, establish Thailand's position as the top global destination and support the government's policy to bolster the tourism industry, which will play a vital role in driving the economy, stimulating economic activities, generating income and creating employment for a large number of people.
The tourism industry serves as a magnet that attracts international visitors to Thailand, whose presence yields far-reaching benefits, not only for tourism business operators but also for other sectors, such as retail, real estate, Mice and hospitality.
Siam Piwat expects all initiatives will increase the amount of foreign tourist traffic at its five shopping complexes by 20% to 20-22 million visitors and play a key part in boosting foreign tourists to the country to 30 million this year.
