Central Village Co, a joint venture between SET-listed retail and property developer Central Pattana (CPN) and Mitsubishi Estate (Thailand) Co, plans to develop five new luxury outlets in the provinces to tap high purchasing power and international tourists in the area.
Chart Chirathivat, executive vice-president for regional development at CPN, said the company is studying the feasibility of developing new luxury outlets in five provinces in the South, East and North.
He said few details about the investment have been decided, though a second luxury outlet is projected to be opened in two years.
According to Mr Chart, the new luxury outlets will be located mainly in tourist destinations, targeting both local and foreign customers.
"The spending power of people in the provinces is not much different from people in Bangkok and they also have similar cosmopolitan tastes," said Nattakit Tangpoonsinthana, executive vice-president of marketing for CPN.
In a related development, the company yesterday announced its plans to open the second phase of the Central Village luxury outlet on Jan 28, 2022.
The second phase of Central Village, a 10-minute drive from Suvarnabhumi International Airport, has been developed on a 30-rai plot of land next to the first phase, bringing the total retail space to 36,000 square metres.
Central Village's second phase is part of the total project worth 5 billion baht, providing more than a shopping venue for branded items, but also a complete lifestyle destination, according to CPN.
The development will utilise the strength and expertise of the partnership of Central Pattana and Mitsubishi Estate (Thailand) in order to create a luxury outlet that meets global standards.
Due to the Covid-19 pandemic, the company has shifted its focus to local customers, who now account for up to 80% of its customers.
Central Village opened in August 2019. It received a good response from Thai and international shoppers.
Mr Chart said the second phase of Central Village is designed to be connected with the first phase and to showcase the unique modern Thai identity inspired by the local way of life, arts and culture.
Tomohiko Eguchi, managing director of Mitsubishi Estate (Thailand), said Central Village is a significant project for the Mitsubishi Estate Group, as it is the company's first luxury mall development and investment project in Southeast Asia.
Mr Eguchi also emphasised the success of the first phase of operations, fuelled by the resilient partnership with Central Pattana and the 'Two Nations, One Success' concept between the parties.
"We believe in the high potential of the Thai tourism industry and foresee it rebounding, as well as the growth of local purchasing power to expand in the mid to long term," he said.
For the second phase of this luxury outlet mall, there are plans for Japanese tenants to account for 10-15% of tenants, including renowned Japanese home and living, kitchen products, toys and clothing brands.