Despite being a newcomer to retail, Siam Piriya Development, the operator of Mixt Chatuchak Shopping Center, is upbeat about business prospects, given its location on 10 rai close to Chatuchak weekend market.
Miporn Chaiyupatumpa, the company's chief executive and executive director, said Mixt Chatuchak is the only project connected directly to both Chatuchak weekend market and the aquarium fish market, which is situated on the other side.
This will help enhance the district and connect markets in Chatuchak.
He said the property will also fulfil needs in the area. For example, customers can park their cars at Mixt Chatuchak and go to the weekend market or the aquarium market, he said.
The mall provides a respite from the outdoor market's heat, humidity and rain, said Mr Miporn.
"Location is clearly our strength," he said. "We are focused on small and medium-sized enterprises [SMEs]. Chatuchak weekend market's charm is in the diversity of merchandise from over 10,000 retailers and SMEs.
"We have gathered over 500 shops, plus 200 circular shops. Rather than focusing on brands, we are emphasising the diversity of minor retailers and the spirit and charisma they convey through their products and entrepreneurship."
Mixt Chatuchak, which commenced construction in 2017 with an investment budget of over 900 million baht, will have a grand opening on Friday.
The centre consists of a five-storey structure 350 metres long, offering a total retail space of 60,000 square metres, comprising eight zones: fashion, accessories, food and beverage, food court, home and decor, spa and beauty, souvenirs and services.
"The company sees strong potential in the Chatuchak district. This is an increasingly popular and growing business and office district," said Mr Miporn.
"Some 60% of tourists who come to Bangkok visit Chatuchak because it provides a shopping experience they cannot find elsewhere."
Bang Sue Grand Station will be the largest railway station in Southeast Asia once services begin next year and serves as an important transit hub for Thailand, he said.
"We built Mixt Chatuchak to complement the Chatuchak district's ability to become a retail destination for Thais and tourists, making Chatuchak a dynamic and major landmark in Thailand," said Mr Miporn.
The company targets about 70% Thais and 30% foreign tourists as customers. The core foreign customer target groups are tourists from China, Malaysia, Singapore, Korea and Japan.
The secondary target is customers from Europe, the Middle East and the US. The company expects 1.2 million visitors per month. Revenue is expected to be about 300-500 million baht over the next two years and the project is expected to break even within eight years.