Tokyu announces new branch at Paradise Park

Japan's Tokyu Department Store has announced its first local expansion in 29 years by joining hands with MBK Plc to develop a new store at Paradise Park mall on Srinakarin Road.

The exterior of Tokyu Department Store at MBK shopping centre across from Siam Square in central Bangkok. The Japanese department store has been operating since 1985.

The new department store, due to open next year, will cost 400 million baht, said Suvait Theeravachirakul, chief executive of MBK, a SET-listed retail and hospitality company.

Tokyu Department Store at Paradise Park will be a joint venture between Paradise Retail, a subsidiary of MBK that operates Paradise Park, and Bangkok Tokyu Department Store Co, each holding a 50% stake.

It will be the second branch of Tokyu in Thailand following its flagship at MBK mall.

MBK operates a diverse set of companies in Thailand, with an extensive track record in real estate, hotels and tourism, golf, food solutions and the financial sector along with its most familiar asset, MBK shopping centre.

Tokyu Department Store is scheduled to open its doors in Paradise Park in next year's first quarter.

The two-storey branch will feature gross space of 13,165 square metres.

The department store will offer leading domestic and international brands and products to serve the strong purchasing power in eastern Bangkok, an area comprising 1.7 million households in 10 districts within a 10-kilometre radius of Paradise Park.

Apart from Tokyu, other Japanese retailers in Thailand including Isetan Department Store at CentralWorld, Tsuruha health and beauty store, the FamilyMart and Lawson 108 convenience store chains and MaxValu Supermarket owned by Aeon Group.

Competitor Central Pattana Plc (CPN), the SET-listed developer and operator of Central shopping complexes, plans to introduce the CentralPlaza Salaya branch next Tuesday.

CentralPlaza Salaya, the 25th branch under CPN and valued at 4.2 billion baht, is located on 68 rai and comprises 180,000 sq m of space.

It has 250 stores featuring popular Thai and international brands, with Central Department Store again a magnet.

CentralPlaza Salaya is described as a lifestyle shopping centre boasting an outdoor atmosphere. It offers parking for 1,600 cars.

MBK shares closed yesterday on the SET at 15.70 baht, down 10 satang, in light trade worth 211,000 baht.

CPN closed at 47 baht, up 50 satang, in trade worth 275 million baht.

About the author

Writer: Pitsinee Jitpleecheep
Position: Business Reporter