Central Pattana announces its 5-year vision to #Co-Create Center of Life pioneering future trends of retail property in digital era and investing on business expansions around 100 billion baht within next five years

Real Estate Press Releases Wednesday May 23, 2018 15:53
Bangkok--23 May--Central Pattana
  • Join forces with partners to highlight 'Co-Create Center of Life' vision through 3 major strategies: Co-Creating Destination Concepts, Co-Creating Digital Platforms, and Co-Creating Partnerships
  • Invest around 100 billion baht within five years both domestic and international, position itself as one of a Global Player and set 'The New Landscape' for Thai retail market
  • Showcase 5 highlighted projects; CentralWorld, Central Phuket, Central I-City, CentralPlaza Ayutthaya and Central Village
  • Target to achieve 20% growth of total revenue in 2018

Central Pattana Plc (CPN), Thailand's largest leading retail property developer led by Mr. Preecha Ekkunagul, President and CEO, announced its five-year vision (2018-2022) to pioneer future trends of retail with the vision to 'Co-Create Center of Life' implementing through three strategies: 1) Co-Creating Destination Concepts, 2) Co-Creating Digital Platforms and 3) Co-Creating Partnerships. CPN also announced its 5 years plan, investing around 100 billion baht to emphasize itself as a Global Player, with five highlighted projects in Thailand and overseas: The New Central World, Central Phuket, Central I-City, CentralPlaza Ayutthaya and Central Village, and modify all of its shopping centers to become 'centers of life' - communities and destinations where everyone can spend time in their own way.

Mr. Preecha Ekkunagul, President and CEO of CPN said: "In the era of digital disruption currently happening around the world, the only way to survive is to adapt. CPN sees this change as a challenge and opportunity that will allow us to create and innovate new things again similar to what we have done over the past 38 years. With the evolving market, we would like to create a new chapter of retail industry. Our new vision for the next five years is to 'Co-Create Center of Life' making CPN's shopping centers as destinations for all, where everyone can live life. The important pieces of the jigsaw are all our business partners and tenants that will co-create these new things for business success and sustainable growth using three main strategies: 1) Co-Creating Destination Concepts, 2) Co-Creating Digital Platforms and 3) Co-Creating Partnerships."

The vision to 'Co-Create Center of Life' consists of three strategies:

1) Co-Creating Destination Concepts: Develop destination for all customers by lifestyle and preferences and also categorize products and services based on lifestyles in order to attract like-minded people. We will initially start with five destination concepts. 'Family Destination' – to meet the modern lifestyles of families where parents and children are able to join activities, offering relaxing zones and special services for children and right on up to the elderly; 'Food Destination' – offering supermarkets and all types of restaurants ranging from dine-in or take home food to cooking studios to serve the needs of different individuals such as people who is hunger filler, Heart&Soul filler, or skill filler; 'Fashion Destination' – inspiring fashion's trendsetter and people who are seeking new trends; 'Co-Working Destination' – community for like-minded people who seek for inspirations, innovations and creative ideas, people who living their live, living their dream, and living out loud; and 'Sports Destination' – community for health conscious people, sport lovers, sport geeks, and sport chics,and sporty connectors.

2) Co-Creating Digital Platforms: offering seamless experience in three key approaches by: 2.1 deliver the Real-Time Personalized Offers: using big data to access 12 million customers through 'The 1 Card' in order to connect them to products and services. Customers will receive information and promotional offers based on their preferences and interests. We will also join hands with every brand to create offers that meet customer needs with powerful tools of the Central Group including 'The 1 Card Application', which is expected to be launched this year; 2.2 Link to Online Experience: conveniently and quickly connect customers' mobile devices to our tenants services in the shopping centers such as advanced parking space reservations, restaurant reservations, spa reservations and cashless payment at Food Park; 2.3 Integrate Market Platform: joining hands with Central JD to add a sales channel that is more seamless, where online retailers are able to open their physical stores in our shopping centers and our tenants may also add their sales channels through online platforms.

3) Co-Creating Partnerships: both within the Central Group itself and with development partners e.g. joining hands with I-Berhad to create the I-City mall, partnering with Dusit Thani to build a large mixed-used project in the heart of the city and cooperating with IKEA to strengthen a super-regional mall of CentralPlaza WestGate, as well as partnering with tenants for new business initiatives on projects such as co-working spaces in Cafe Amazon, Think Space in B2S and Starbucks, the largest branch in Asia at CentralWorld,

Mr. Preecha added: "In addition, we also plan to continue strengthening our businesses by investing around 100 billion baht in the next five years in both domestic and international projects, to underline ourselves as a global player and set 'The New Landscape' for Thai retail market. We focus on five key projects that will reflect our 'Co-Create Center of Life' vision which will complete within 2 years as follows:

  • The New CentralWorld will be a global must-visit destination, under the concept of 'Central to Your World', which will be launched in November 2018. This will clearly reflect our vision of 'Co-Create Center of Life' with a variety of destination concepts. The creation of digital platforms and business initiatives with tenants will happen here first.
  • Central Phuket – a global must-visit destination that is able to perfectly fulfill both luxury and leisure lifestyles with never-seen-before world class attractions: 'Tribhum' - the Mystery of Three Worlds' theme park, which creates a 3D walkthrough adventure, 'Aquaria', which will be the largest aquarium in Thailand, and 'Food Destination' here will meet all the needs of locals and tourists from around the world.
  • Central I-City – CPN's first shopping center overseas, situated in a very high potential location near Kuala Lumpur, Malaysia. It is in a huge mixed-used project that the Malaysian government is pushing forward to become a perfect tourist destination.
  • CentralPlaza Ayutthaya – a new lifestyle destination for Ayutthaya that seamlessly blends the uniqueness and atmosphere of this World Heritage Site with modern society. This will become a tourism landmark for the province and a Center of Life where people come to enjoy food, fashion, activities and relaxation. It will be a one-stop highway destination that will be open in December 2019.
  • Central Village –the first international luxury outlet in Thailand. It meets the lifestyle of the new generation who are selective before purchasing. Outlets around the world are growing rapidly and have become 'must visit' destinations for tourists from all over the world and Central Village will be 'a must-visit shopping destination to complete your trip."

Regarding the overall business outlook, CPN's earnings have grown continuously in the past five years and its earnings have increased from 21,234 million baht in 2013 to 30,875 million baht in 2017. CPN has set target growth of 20% for 2018. In addition, CPN plans to renovate its existing shopping centers including CentralPlaza Ladprao, CentralPlaza Rama III, CentralPlaza Chiangrai, CentralPlaza Chonburi and CentralFestival Pattaya Beach which will happen within next year. These reflect strategic business operations for Central Pattana, which focuses on stable and sustainable growth.

CPN is a pioneer in Thailand's retail industry who always introduces new concepts to Thai market. It initiated the concept of one-stop shopping centers for the first time at 'CentralPlaza Ladprao,' followed by the 'Lifestyle Experience' concept at 'CentralWorld', which has established the idea that a shopping center is not only for shopping. In the past few years, CPN has been successful with its new shopping centers such as 'CentralPlaza WestGate', which meets the lifestyles of modern families and 'CentralFestival East Ville', which creates a different experience based on the personal lifestyles of customers from each area.

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