Retail conglomerate Central Group is expanding its business into Nakhon Sawan, a gateway between the central and northern regions of Thailand, with its shopping complex due to open by 2024.
According to a Central executive who requested anonymity, the company will start developing the retail complex near Synphaet Hospital in the fourth quarter of this year through its flagship retail property developer, SET-listed Central Pattana Plc (CPN).
The opening of the Central shopping complex is a part of the group's retail expansion in overseas and domestic markets, in a bid to reach 50 projects under its five-year business plan from 2022 to 2026.
"The spending power of people in Nakhon Sawan is stronger than in the past, with more transportation facilities planned to be developed,'' the source said.
Central Group, through Central Restaurants Group, is making available Mister Donut, Auntie Anne's, and OfficeMate, the company's office supply, stationery and bookstore operator. CRC Thai Watsadu Co, a home improvement unit under Central Retail Corporation, is also scheduled to build its original Thai Watsadu in a standalone format next year.
According to the source, Central Nakhon Sawan will be developed on 40 rai of land, with retail space of 60,000-80,000 square metres. In addition to the shopping complex, the group will also develop other anchors in this mixed-used project, including a hotel.
Last week, CPN officially launched Central Chanthaburi, a fully integrated mixed-use development worth 3.5 billion baht, marking CPN's 37th shopping centre.
Lertvit Pumipitak, head of property management at CPN, said Central Chanthaburi will help strengthen the company's presence in the eastern region, targeting strong local purchasing power, cross-border traders, and high spenders from Cambodia who go on shopping and medical tourism trips.
"Based on The1 data, we see that Chanthaburi's overall market has high purchasing power, especially among the province's middle-class to wealthy people and successful business people,'' he said.
Chanthaburi's catchment areas cover more than 1.8 million people, including residents of Chanthaburi, Trat, Prachin Buri and Sa Kaeo.