SF Development Co, the operator of Megabangna Shopping Centre and Megacity, expects its sales and customer traffic to rebound to pre-pandemic levels this year after the government eased entry restrictions for international visitors and allowed nightlife as well as entertainment for children to open from May 1.
Palinee Kongchansiri, the company's president, said consumer traffic at its mall in April reached between 150,000-160,000 visitors, representing 80-90% of the level recorded prior to the pandemic.
"The government's latest decision to remove the mandatory RT-PCR tests on arrival for overseas travellers from May 1 is expected to help boost the consumer shopping sentiment level and Megabangna is likely to get the most benefit after the government allowed nightlife as well as children's entertainment in Samut Prakan province to start operating again from May 1," she said.
However, Ms Palinee said the company remained worried about the higher cost of living driven by a rise in oil prices and electricity bills over the coming month, adding that this could possibly bring about a "hiccup" in terms of consumer spending on shopping in the short term.
According to Ms Palinee, as a tenant mix is one of the success factors for Megabangna since its establishment 10 years ago, the company would add 50-60 new local and international tenants in various categories ranging from restaurant businesses and lifestyle products to fashion in order to enhance the shopping experience for customers.
There are 900 tenants at Megabangna at present, 30% of which are restaurants, 25% of which sell fashion products, while the remainder are in the categories of sport and entertainment.
She said the company is conducting a feasibility study to expand luxury products now after its survey found the average spending of people living near Megabangna stood at 150,000 baht per month per household.
In addition, the company is still planning to double the retail space at Megabangna to 400,000 square metres over the next five years.
Ms Palinee said the company plans to carry on developing its Megacity project, which features residential projects, a hotel and an office building covering 400 rai in the Bang Na area, but the completion of the Megacity project would be extended by two years due to the pandemic.
The master plan for the Megacity project will be revised, as demand for office buildings in that location may change because of the Covid-19 outbreaks.
The development of the Megacity project is intended to respond to economic growth spurred by the government's Eastern Economic Corridor project, which is intended to attract foreign investment to the eastern part of Thailand, particularly the provinces of Rayong, Chon Buri and Chachoengsao.
Meanwhile, to celebrate its 10th anniversary milestone, the company plans to spend over 200 million baht on marketing activities to promote its shopping complex this year.