Siam Piwat Group, a Thai leading real estate and retail developer, has joined hands with South Korea-based Hyundai Department Store to forge major collaboration that aims to leverage the future of retail.
Through the strength of both partners, this synergy will not only offer unparalleled customer experiences, superior privileges and exclusive K-culture experiences, but also mark a milestone of boundless opportunities for both Thai and Korean entrepreneurs.
"This is the first time a Korean department store has outsourced the operation of part of a store in a famous foreign shopping mall," said Jung Jee Young, president of Hyundai Department Store.
Siam Piwat is the owner and operator of Siam Paragon, Siam Center and Siam Discovery, as well as a joint venture partner of Iconsiam, ICS and Siam Premium Outlets Bangkok. Hyundai Department Store is the largest department store chain developer in South Korea.
"The collaboration presents a significant opportunity to break down market boundaries and showcase the potential of K-Culture, a popular trend in Thailand," said Mr Jung.
Both Hyundai Department Store and Siam Piwat Group, which have long captured the hearts of tourists, aim to further offer superior benefits and elevate the customer experience, he said.
"This collaboration aligns seamlessly with Siam Piwat's business principles, which revolves around the 'Co-create & Collaboration to Win' strategy," said Mayuree Chaipromprasith, president for corporate affairs and communications at Siam Piwat Co.
Ms Mayuree and Mr Jung were speaking during a recent memorandum of understanding signing ceremony, aiming to revolutionise the future of retail.
The two partners want to create opportunities and foster business growth by delivering a diverse range of new experiences and exclusives at the 'K-Content Specialty Place', a collection of recently popular K-food, K-pop, K-webtoons and K-fashion.
With the robust potential of both renowned retail enterprises, evidenced by the significant usage of their services and the substantial spending of customers, they have decided to collaborate and enhance the retail business by actively participating in presenting leading brands and exclusive items across shopping centres.
This collaboration also presents an opportunity to support Thai entrepreneurs in showcasing their creative products to international markets, propelling local heroes to global prominence, and encouraging small and medium-sized Korean brands to have a market opportunity abroad, according to Siam Piwat.
The partnership should yield boundless success and drive the business towards sustainability, said the Thai company.
The cooperation enhances the customer experience for a diverse range of shoppers, offering exceptional benefits to members of ONESIAM and Hyundai Department Store.
The move will help the two partners to fulfil the demands of modern consumers, which is to forge a new attractive magnet that caters to both Thai customers and foreign tourists, eventually emphasising the importance of the Global Destination project that always won the people's hearts.
The Thai and South Korean retail developers aim to entice shoppers by offering diverse special privileges at shopping centres and stores, as well as stores within the alliance network. It seeks to leave a lasting impression, providing customers from both parties with a unique and superior lifestyle experience.
Siam Piwat believes the partnership with Hyundai Department Store will lead to the creation of a more complete ecosystem by leveraging the strengths of both businesses towards a shared objective.
"We prioritise fostering a constructive ecosystem continuously by partnering with leading and robust global business entities and consolidating remarkable potential to propel business growth in innovative and boundless ways," said Ms Mayuree.
Siam Piwat has reinforced its global ecosystem by forging partnerships with world-class multinational retail giants.
They include PARCO Shopping Complex in Japan, Taipei 101 in Taiwan, Hong Kong Times Square, ION Orchard Department Store in Singapore, Pavilion Kuala Lumpur in Malaysia and Plaza Indonesia in Indonesia, which is a diverse business group encompassing shopping centres.
These strategic partnerships connect and extend extraordinary benefits to visitors and entice shoppers from retail alliance members across various countries to visit and shop at Siam Piwat Group malls.
According to Siam Piwat, these collaborations also contribute to enhancing the shopping and lifestyle experiences for both Chinese and global tourists, facilitated by platforms such as Alipay, Klook and Trip.com.
This not only promotes the tourism sector but also bolsters the Thai economy.