Rangsit Plaza earmarks B4bn for mall
One-stop lifestyle hub at Pathum Thani site
Rangsit Plaza Co, the operator of Future Park Rangsit shopping mall, has earmarked 4 billion baht to add a new retail project, Zpell@Futurepark, to its existing complex in Pathum Thani province, north of Bangkok.
Workers clear the site of Rangsit Plaza's latest retail project in Phathum Thani. APICHIT JINAKUL
The investment comes in the face of imminent fierce competition in the retail business in the area where the Central Group and Ikea have announced they will be siting future projects.
Pimpaka Wanglee, chief executive of Rangsit Plaza Co, said the construction of Zpell was about 40% complete. It is expected to open next August.
The new retail project will help hike sales of the company to 2.5 billion baht in 2015, up from the estimated 2 billion baht this year.
The new project located in front of Future Park will have a total retail space of 100,000 square metres, bringing the overall retail space of the complex to 605,000 sq m.
The store is aimed at higher-income customers, while the Future Park complex targets "C to B" customers.
"We hope to draw 'A' customers who have a monthly household income of 85,000 baht," said Ms Pimpaka.
To that end, Zpell will feature about 200 tenants from lifestyle fashion brands such as Cath Kidston, H&M, MNG and Top Shop and dining outlets such as Coffee Bean by Dao, Akiyoshi, After you and Muteki By Mugendai.
"This is the ever biggest investment since we opened Future Park Rangsit 19 years ago," she said.
She added that the new project would strengthen the company to face upcoming stiffer retail competition in the north of Bangkok especially from the new major developers.
Currently, Future Park lures about 157,000 daily visitors and it hopes customer traffic will increase by 20% after the opening of Zpell.
Apart from the new project, Ms Pimpaka said the company also plans new attractions at the vacant 400-rai plot surrounding its existing complex by developing the Future City project for family groups.
The development includes Future Arena that will feature four futsal pitches, a 600-million-baht hotel and Paolo Hospital, which is scheduled to provide services next year.
"We want our complex to be a one-stop shopping centre for all lifestyle groups. They will not only to do their shopping but be able to enjoy other activities at the same time," Ms Pimpaka said.
Rangsit Plaza is also conducting a feasibility study to develop new retail formats.