Bangkok Set to Reinforce its Role as Luxury Hub

Jul 2023

Shopping centers are expanding strongly in Bangkok, with the Thai capital aiming at reinforcing its role as Southeast Asia’s luxury hub. Importantly, Bangkok will inaugurate at least five megaprojects in 2023 that aim to become a point of reference for expats, locals and tourists targeted by the shopping and luxury sector. These megaprojects include the opening of the Bangkok Mall, which aims to be the largest shopping center in Southeast Asia. The Mall group, one of the largest operators of luxury shopping centers in the country, is behind the construction of three of these giant shopping complexes, including Emsphere, which will open in December 2023.

Private investment in the commercial construction service is predicted to grow in Bangkok between 3% and 4% in 2023 and 2024, thanks to a stronger than expected rebound in the tourism sector and local consumption. The retail sector already ranks as Thailand’s second most important economic activity, after manufacturing, and accounts for close to 17% of the country’s GDP. This share could grow further as Bangkok’s population increases and attracts a higher number of tourists that purchase from its shopping malls hosting brands like Gucci, Prada, Armani, Channel, Tiffany & Co., among others. The expansion of the sector in Thailand contrasts with the difficulties that shopping centers are experiencing in the United States and Europe.

(Source: La Prensa Latina)

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