Imperial Plaza Co announced it will embark upon a 1.3-billion-baht renovation of its Imperial Samrong shopping complex in eastern Bangkok.
More edutainment and information technology tenants will be added on the third and fourth floors, respectively, while a sports complex will replace the water park on the seventh floor, said Olarn Kitlertphairoj, assistant managing director at Imperial Plaza Co.
In the first stage, 300 million baht will be used for gradual improvements from 2014-16.
More edutainment and information technology tenants will be added on the third and fourth floors, respectively, while a sports complex will replace the water park on the seventh floor.
The exhibition hall will be upgraded as well.
Funding will come from cash flow and bank loans.
"We want to turn our shopping mall into a major destination for Samrong residents again, just like it used to be," said Olarn Kitlertphairoj, assistant managing director at the company.
The remaining 1 billion baht will be spent on a major facelift starting in 2018.
All external and internal areas will undergo a complete makeover, while store positioning will be rejigged.
The goal is to extend Imperial Samrong shopping centre's customer base to middle-income earners.
The future skytrain extension from Bearing station to a budget housing project developed by the National Housing Authority in Samut Prakan province will change the customer profile in this area.
Imperial Samrong also wants to prepare for tougher retail competition in eastern Bangkok, as The Mall Group is planning a new mall on Bang Na-Trat Road.
It now attracts 100,000 customers a day, but most of these earn only 10,000 to 20,000 baht a month.
The company wants to boost the number of those with monthly earnings of 30,000 to 40,000 baht.
Mr Olarn said all renovation work will be completed by 2019.
The renovated complex is expected to see 20% higher revenue from the present annual level of 900 million baht _ 500 million from rental fees and the rest from its department store.