MBK lines up new zones for Paradise Park
MBK Plc, the operator of Paradise Park on Srinakarin Road, will make minor renovations to the shopping complex after Tokyu Department Store, one of the major tenants, closes its doors at the end of this month.
Somphol Tripopnart, managing director of shopping centre business, said that with the departure of Tokyu from the first and second floors of the complex on Jan 31, Paradise Park will open new zones to tap target customers such as families, the elderly and health-conscious people.
With an undisclosed investment budget, a new zone called O2, occupying 6,000 square metres on the first floor, will open in April. The O2 zone will be designed and decorated under the organic village theme, providing various kinds of health food, lifestyle products and organic items.
The Outlet World for Sam's Sports will open on the second floor, taking up 6,800 sq m.
In addition, the company will add The Olympic Club fitness centre on the fourth floor in a space of 7,200 sq m.
MBK Group via a subsidiary formed a joint venture with Tokyu Japan to open the 13,000-sq m Tokyu Department Store at Paradise Park three years ago to capture the high spending power of customers in eastern Bangkok.
Tokyu reported total revenue of 109 million baht in 2016, rising to 213 million in 2017 before dipping to 188 million last year.
It reported a net loss over the last three years: 65.4 million baht in 2016, 89.9 million in 2017 and 154 million in 2018.
Tokyu Department Store at MBK Center remains open as usual.
Mr Somphol said it's necessary for Paradise Park to constantly adjust in response to dynamic customer demand.
"O2 zone will consolidate Paradise Park as the health and wellness destination for customers with high spending power and those who are interested in natural and green products," he said.
Paradise Park opened in August 2010 with an investment of 3.2 billion baht. It occupies a 32-rai plot and has a gross floor area of 290,000 sq m and a gross leasable area of 92,000 sq m. Some 69% of regular customers are aged 31 to 65, and 56% are female.
According to Colliers International Thailand, several retail complexes closed down last year. These included The City Viva on Narathiwat Ratchanakharin Road and Soho Bamrungmuang Plaza in Pomprap Sattruphai district.