Stadium One, the first sports community mall in downtown Bangkok, is scheduled to open by mid-November and cash in on sporting trends in Thailand.
The project, developed by Sportsociety Co, is located at the Banthat Thong intersection opposite Tesco Lotus hypermarket and near National Stadium, Chulalongkorn University and several malls.
The company was formed by four partners -- Thanomkiat Summavuthichai, Natapak Rekijtisirikul, Sittichai Srisanguansakul and Pongwat Tiyapornchai -- and has budgeted 200 million baht to rent a 10-rai plot at the intersection from Chulalongkorn University for seven years.
Stadium One will have about 27,000 square metres of space. Of the total, 20,000 sq m will house 124 shops selling sports products and equipment, as well as a physical clinic in a five-storey building.
A further 5,000 sq m will serve indoor sporting activities, and 2,000 sq m will be reserved for events.
Mr Thanomkiat, Sportsociety's executive director, said the company saw an opportunity in the market to develop a sports community mall.
The number of people concerned with their health has continually risen in recent years, he said. Thailand's fate as an ageing society will also be a plus for the Stadium One project.
The market size for the sporting business is estimated to be worth 160 billion baht, with growth of 8-10% a year. The number of fitness brands and sports shops is rising in the country.
"Thailand's sporting market is in an upside trend," Mr Thanomkiat said. "The market size for sporting goods is still lower than Singapore and Malaysia by several times. With this growth opportunity, new sporting goods and fitness chains will be parading to the Thai market soon."
These interested parties include a fitness brand from Sweden that will open with around-the-clock service in a 1,000-sq-m space at Stadium One in November, said Mr Natapak, the company's director. He did not disclose the name of the Swedish brand.
Mr Natapak said that while the Thai economy remains sluggish, the conditions are unlikely to hinder people's spending -- especially that of sport lovers. These consumer groups are always ready to spend their money on exercise and do sporting activities indoors and outdoors, he said.
Mr Natapak said he believes the sporting trend will continue for several years ahead. Some 60% of space at Stadium One is already booked and about 90% is expected to be snapped up before the official open in mid-November.
"We aim for Stadium One to become the landmark of sports lovers, with 5,000-15,000 visitors a day to our sports community," Mr Natapak said, adding that the company expects the project to break even within 3-4 years.