Retail operator Em District is unfazed by the uncertain economy, posting growth from high-spending customers at its three malls during the final quarter of 2023.
Kriengsak Tantiphipop, chief executive of Em District, said Thailand remains the preferred destination of foreign tourists, as foot traffic increased for both domestic and foreign visitors, especially independent tourists with high spending power.
While the number of Chinese tourists has yet to match 2019's level, the majority of visitors were high spenders, said Mr Kriengsak.
He said the retail sentiment is expected to continue in the first quarter, driven by pent-up travel demand after the pandemic.
Thailand can expect an increase in foreign visitors this year, as the number of flights is resuming to 2019's level.
Em District recently opened its latest mall, EmSphere, last month, in addition to The Emporium and EmQuartier, giving it an overall space of 650,000 square metres.
Mr Kriengsak said a month after opening, EmSphere recorded 150,000-200,000 visitors daily, exceeding its expectation.
Em District, together with UOB and sports and entertainment presenter AEG officially launched UOB LIVE, a concert and multi-purpose hall on the 6th floor of EmSphere.
UOB LIVE was developed with a 3-billion-baht budget, and invested through a joint-venture model between The Mall Group and AEG, with the former owning a 66% stake. UOB signed the sponsor contract for five years.
Mr Kriengsak said UOB LIVE aims to host 120-150 events per year with around 40% annual events.
The venue is able to hold over 6,000 guests in its main hall spanning 4,464 sq m and pre-function hall of 1,500 sq m, targeting local and international concerts, sports, gaming and business seminars with state-of-the-art facilities.
He said the hall is in a strategic location, surrounded by five-star hotels that are able to accommodate international artists and concert goers. It hopes to become the preferred concert location for regional tours of global acts.
UOB LIVE will host a special concert produced and performed by international singer Ed Sheeran on Feb 11.
UOB customers can access benefits, such as early ticket presales, fast track lanes and invitations to meet-and-greet events.