Mr. Nattakit predicts mall business to grow, driven by a tourism boom and supportive government policies this year.
Retail and property developer Central Pattana Plc (CPN) is anticipating a positive trajectory for shopping mall business in 2025, buoyed by the tourism boom and favorable government policies. Nattakit Tangpoonsinthana, the chief marketing officer at CPN, highlighted the recent revitalization of the Thai retail sector due to government initiatives aimed at bolstering the economy, such as a 10,000-baht cash handout for vulnerable groups.
Stimulating the Economy
The sector is set to benefit further from the “Easy E-receipt” tax rebate scheme, effective from Jan 16 to Feb 28, allowing individuals to claim personal tax deductions on eligible expenses at stores issuing electronic tax invoices. Additionally, tourism promotions, like visa exemptions for foreign tourists, particularly from China, and a government push for airlines to ramp up flight frequencies, are expected to further enhance the retail sector’s growth prospects. Tourism Boost
Thailand welcomed over 35 million foreign tourists last year, according to the Economics Tourism and Sports Division of the Tourism and Sports Ministry, with a target of attracting 40 million foreign tourists this year, surpassing pre-pandemic levels. CPN is gearing up to roll out marketing campaigns at its malls nationwide, coinciding with special occasions such as Children’s Day, Valentine’s Day, Chinese New Year, and Songkran, along with activities planned for Pride month in June. These initiatives aim to draw in both local and foreign tourists from various countries, including China, Singapore, Malaysia, Hong Kong, Taiwan, Russia, and the US, as well as independent travelers. Adapting to Consumer Needs
As shoppers increasingly gravitate towards more sophisticated lifestyles and seek unique shopping experiences, CPN is attuned to these evolving consumer behaviors. The company is set to launch a 46-billion-baht mixed-use project named Dusit Central Park this year, featuring a hotel, residential areas, retail spaces, and offices. Additionally, Central Krabi, a 4.5-billion-baht project catering to Krabi residents and tourists in the area, is also on the horizon.
Thailand welcomed over 35 million foreign tourists last year, according to the Economics Tourism and Sports Division of the Tourism and Sports Ministry, with a target of attracting 40 million foreign tourists this year, surpassing pre-pandemic levels. CPN is gearing up to roll out marketing campaigns at its malls nationwide, coinciding with special occasions such as Children’s Day, Valentine’s Day, Chinese New Year, and Songkran, along with activities planned for Pride month in June. These initiatives aim to draw in both local and foreign tourists from various countries, including China, Singapore, Malaysia, Hong Kong, Taiwan, Russia, and the US, as well as independent travelers.
Adapting to Consumer Needs
As shoppers increasingly gravitate towards more sophisticated lifestyles and seek unique shopping experiences, CPN is attuned to these evolving consumer behaviors. The company is set to launch a 46-billion-baht mixed-use project named Dusit Central Park this year, featuring a hotel, residential areas, retail spaces, and offices. Additionally, Central Krabi, a 4.5-billion-baht project catering to Krabi residents and tourists in the area, is also on the horizon.
In a world where the retail landscape is constantly evolving, CPN’s proactive approach to adapting to consumer preferences and market dynamics positions them favorably for continued success in the burgeoning mall business sector. Are you ready to experience the future of shopping and leisure at CPN’s innovative developments?