Aims to reinforce position as 'thought leader' in retail development
Siam Piwat Co., Ltd., the owner and operator of prestige retail developments such as Siam Paragon, Siam Center, Siam Discovery, and Paradise Park, as well as the joint venture partner of ICONSIAM, today, announced that it is introducing a revolutionary new retail concept to Thailand with the opening of the new Siam Discovery retail destination in the second quarter of 2016, after a US$ 112 million re-build.
Mrs. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Co., Ltd. said: "The new Siam Discovery is the first hybrid retail destination in Thailand. We have created a venue where thousands of lifestyle brands are brought together under a single universal concept that puts customers at the centre. That means everything presented at Siam Discovery is not organized by brand, or category, as in traditional retailing, but by visitors' interests, because our purpose is no longer just to sell products but to provide an extraordinary and emotional experience that allows visitors to discover and express themselves.
"We then enhance that experience by adding a very strong story-telling component. As visitors move through the various parts of Siam Discovery, they are immersed in the intangibles of a brand and a category. They are also drawn into stories relevant to their interests, their beliefs, as well as trends, rather than just being presented a selection of products.
"These experiences are highly interactive and with lots of opportunities for visitors to personalize their purchases. We also empower visitors to make statements about their life preferences, whether it be about sustainability or a love of nature, and to support those preferences through their purchases, and through occasions to interact with like-minded people and communities. And then we further enhance those experiences through the power of the most advanced digital technology. It's a totally new and an extraordinarily exciting way of presenting products and their associated lifestyles," she said.
"Our role as a retailer has advanced to another level and become one of managing visitors' experiences and emotions, rather than just one of managing products, categories and displays," she said.
"We target all genders and age groups, and estimate doubling Siam Discovery's per-square-metre sales within a year," Mrs. Chutrakul said.
She added that over 5,000 international and local brands are offered, and include everyday products, sustainability products, trend products, as well as collaboration and limited edition collections.
Mr. Oki Sato, the founder of 'nendo' and one of the world's top designers who was voted as among the '100 Most Respected Japanese' by Newsweek Magazine, provided the overall design inspiration for the new Siam Discovery. It is nendo's largest project, ever, and his first in Thailand.
Mrs. Chutrakul said, "Siam Piwat looks at the future from a global perspective rather than just the potential of the Thai market. In line with our growth strategy, we are creating destinations that can compete with the best of the world and which support Thailand in becoming a retail and entertainment paradise. The new Siam Discovery will reinforce Bangkok's appeal as the retailing capital of the ASEAN Economic Community."
She expects the new Siam Discovery to attract, in the first year, 100,000 visitors a day, with around 35% being international visitors.