Retail and property developer Central Pattana Plc (CPN) has launched Central Nakhon Sawan as a new northern hub with a mixed-use development model worth 5.8 billion baht, targeting daily foot traffic of more than 25,000, strengthened by domestic consumption.
Nattakit Tangpoonsinthana, chief marketing officer of CPN, said the new mixed-use project has been developed under a concept that aims to elevate Nakhon Sawan as the new rising economic city of Thailand.
Central Nakhon Sawan is CPN's 41st mall, covering a gross building area (GBA) of 133,300 square metres.
Covering a 42-rai area, the development includes a 4,000-sq-m multi-generation space for families, exercise lovers and members of the younger generations, as well as the Escent Nakhon Sawan condominium featuring 442 units, which will open for pre-sale between Feb 2-4.
The full development, including a hotel which could either be a Centara or Centara One property, along with a Synphaet hospital would be completed within the next 1-2 years.
The whole project, excluding the hospital development, is worth 5.8 billion baht.
Mr Nattakit said it is also the first time the company incorporated a hospital programme into one of its mixed-use projects.
"The project is designed to blur lifestyle and a shopping mall together to enhance the community experience," he said.
Central Nakhon Sawan offers over products under 200 brands, and it is targeting high spending consumers from the multi-generation family segment, especially Thai-Chinese families residing in Nakhon Sawan.
Nakhon Sawan recorded over 109 billion baht in GDP in 2021, the third highest amount among the Northern provinces, behind Chiang Mai and Kamphaeng Phet.
Nakhon Sawan was also selected as one of 10 secondary cities which the government and the Thai Chamber of Commerce aim to elevate as major cities.
The company has also targeted another five nearby provinces, namely Uthai Thani, Chai Nat, Phichit, Lop Buri and Kamphaeng Phet, which together with Nakhon Sawan have a total population of 1.57 million.
He estimated that during the weekend, 60% of consumers visiting the development would be local residents, while the remainder would be residents from nearby areas.
Despite improving foreign tourism, Mr Nattakit said international visitors would rather visit the mall only during big festivals, such as Chinese New Year.
The group allocated around 60 million baht per year for marketing, sales and events. It is offering a 12-day special promotional campaign during the first 12 days of its operation.
Looking forward to the first half, Mr Nattakit said retail sentiment remains positive as middle-to-high income consumers still have sufficient spending power.
Post-pandemic, many tourism cities such as Phuket or Pattaya have witnessed increasing sales, driven by high spending tourists.
CPN has already opened four malls in 10 second-tier cities, including Nakhon Sawan, Lampang, Chantaburi and Nakhon Sri Thammarat.
Mr Nattakit said the group is focusing on a mixed-use model to expand its presence to other second-tier cities as well as major tourism cities.
It will open Central Nakhon Pathom in March this year, and Central Krabi in the first quarter of 2025.