The Mall Group Co, the operator of The Mall department stores, is poised to spend 2 billion baht on marketing initiatives from now until the end of next year with the aim of navigating and triumphing over the heightened level of competition, particularly in Eastern and Western Bangkok, where new retail ventures are emerging.
Voralak Tulaphorn, the company's chief marketing officer, said 1 billion baht has been earmarked for the period between the middle of November and early January 2024.
The remaining 1 billion baht will be allocated for marketing activities, events and promotions across all retail complexes. The number of planned events is expected to surge to over 600, three times higher than the previous year.
This proactive approach is a response to the repositioning and renovation of existing retailers in various segments into new concepts.
Notably, Central Pattana Plc is launching the Central WestVille project on Nov 29.
The level of competition in the Bang Kapi district is also expected to increase after this trade district gets stronger as the area integrates various transportation facilities such as the orange underground train, yellow monorail, and brown skytrain.
Ms Voralak said The Mall Group experienced a 25% growth in sales during the first 10 months of this year compared to the corresponding period last year.
She anticipates that this positive growth trend will persist, propelling total sales to reach 50 billion baht in 2023.
The company also anticipates a robust performance in 2024, with sales set to reach 58 billion baht, helped by full-year operations at The Mall Lifestore Bangkapi and The Mall Lifestore Bangkae.
The official launch of The Mall Lifestore Bangkapi is scheduled for Dec 8, followed by The Mall Lifestore Bangkae in the first quarter of 2024.
This follows a comprehensive transformation initiated last year, involving a substantial renovation budget of 30 billion baht, inclusive of renewed contract leasing.
"Bang Kapi's ambience is likened to Siam in East Bangkok, given its abundant commuting facilities and student campuses. The shopping landscape in the Bang Kapi area will totally change when full service commences of three train services -- the subway, monorail and skytrain," she said.
Ms Voralak said she is optimistic about a notable surge in customer traffic at The Mall Lifestore Bangkapi, projecting a 25-30% increase compared to before the pandemic.
She said there are several factors that make The Mall Lifestore Bangkapi an enticing destination. For example, it offers products tailored for fans of Japanese culture, featuring brands like Donki and Nitori furniture, along with Japanese cuisine.
The establishment hosts over 100 restaurants with innovative concepts, while it has increased its sports fashion product offerings by 20% and enhanced the entertainment experience with the introduction of the new indoor and outdoor Mega Harbour Land.