Siam Piwat Co plans to rock Bangkok's retail market with a 4-billion-baht overhaul of Siam Discovery.
It will be the shopping centre's biggest renovation, giving it a "revolutionary new retail concept" in response to fiercer competition.
The 18-year old mall will close on May 6 for the facelift and reopen in next year's first quarter.
Siriphen Intuputi, senior executive for marketing and public relations, said the 4 billion baht would be spent on both the interior and exterior of the shopping mall.
The budget for the renovation plan is not part of the 55-billion-baht fund that Siam Piwat earlier allocated to expedite its retail business growth, which covers the 30-billion-baht investment in Iconsiam, a joint-venture retail project with the Charoen Pokphand Group.
The rest of the fund has been earmarked for developing new retail and food concept stores over the next five years.
Mrs Siriphen said after the facelift, the image of Siam Discovery would be completely changed with new ideas that could be the first in Thailand's retail industry.
Siam Piwat chief executive Chadatip Chutrakul said the retail development of the company would be different from its competitors, as it was opting for differentiation and trying to offer something new to shoppers.
The company is currently negotiating with Takashimaya in Japan, Dubai Mall and retailers in Indonesia and Malaysia in a bid to seek their cooperation in areas such as marketing.
The facelift is crucial, Mrs Siriphen said, noting the location of Siam Discovery, which is surrounded by giant malls between the Pathumwan and Ratchaprasong intersections and along Phloenchit and Sukhumvit roads.
Major retailers including Platinum Group and Gaysorn are reportedly developing new retail projects at the Ratchaprasong intersection with a combined investment of 10 billion baht.
Meanwhile, The Mall Group plans to develop The EmSphere close to The Emporium in a bid to create a new shopping district for tourists.
Growth in Thailand's retail industry is robust as retailers pin their hopes on a boom after the advent of the Asean Economic Community late this year.