Retail and property developer Central Pattana Plc (CPN) plans to improve its competitive edge by bringing in new business partners locally and internationally to open shops and restaurants, in addition to launching new events at its complexes throughout the rest of the year.
Nattakit Tangpoonsinthana, executive vice-president of marketing at CPN, said CentralWorld will witness the debut of more than 10 globally-acclaimed brands over the next four months. Food, fashion and sports equipment brands will all be launching stores at the mall.
This initiative underscores CentralWorld's position as a global destination for brands hailing from all over the world, he said.
"The introduction of flagship stores or debut stores from these globally-renowned brands will distinctly set CentralWorld apart from other retail operators. This strategic move allows us to cater to the demands of all customer segments and engage with diverse customer profiles," Mr Nattakit said.
With more than 3,000 brands available to consumers, CentralWorld boasts a comprehensive collection. Brands in the food sector account for 35% of the shopping complex's offerings, while fashion products also form significant anchors.
In addition, Mr Nattakit said a series of local and international events are scheduled to take place throughout the remainder of the year, designed to captivate visitors from all over the world.
Such events would not only help stimulate the economy but also invigorate the tourism sector in the final quarter of the year. Events planned include signature occasions and pioneering experiences such as China's Pop Mart and Gundam Docks at Thailand, featuring an impressive 6-metre-tall Gundam statue, along with others.
Mr Nattakit said CentralWorld has seen a robust resurgence in traffic since the end of the Covid-19 pandemic, witnessing an annual growth rate of 120% on average.
Average daily traffic is 150,000 visitors.
"In addition to the surge in customer traffic, there has been a notable increase in spending per individual at CentralWorld. Hotels in the Ratchaprasong area boast an occupancy rate of 80%. That is a positive sign," he said.
Of the visitors to CentralWorld, 65% are Thais and 35% are foreigners, with the majority hailing from Southeast Asia, particularly Malaysia and Singapore. Other foreign visitors hail from China, Hong Kong, India and the Middle East.
Some 83% of foreign visitors identify as independent travellers.
"While the economic environment in China could dent arrivals from China during the rest of the year, the Tourism Authority of Thailand appears poised to recalibrate its approach, concentrating more on attracting a greater number of tourists from India and the Middle East," Mr Nattakit said.
He said even though the retail sector has displayed a promising outlook so far, the industry still needs stimulus measures such as the successful "Shop Dee Mee Khuen" tax incentive, which encouraged shopping by offering a payback scheme. This is set to be relaunched in the final quarter of 2023 in order to continually stimulate shopping expenditure.
"CentralWorld has proven to be resilient regardless of economic circumstances, primarily due to our customer base consisting of medium to high-income individuals. These customers demonstrate a readiness to spend, provided we can offer novel products that align with their demands," Mr Nattakit said.