Central Pattana (CPN) have announced a $3.1 billion investment for five major retailtainment projects in South-East Asia.
Thailand’s top retail property developer CPN has announced a five year vision – Co-Creating Center of Life.
The new vision involves the major renovations for CPN’s shopping destinations of CentralWorld and Central Village in Bangkok, CentralPhuket, Central i-City in Malaysia, and CentralPlaza Ayutthaya. Its five year vision is to pioneer new trends in retail, highlighting digital challenges and opportunities.
The plans will make CPN into one of the top five diversified retail property developers. The company, which is part of the retail and fast-moving consumer goods conglomerate Central Group, currently has 32 shopping centres throughout Thailand.
“In the era of digital disruption currently happening around the world, the only way to survive is to adapt,” says Preecha Ekkunagul, President and CEO of CPN. “CPN sees this change as a challenge and opportunity that will allow us to create a new chapter of retail industry again similar to what we have done over the past 38 years.”
He stated that the company’s new vision is to make CPN’s shopping centres 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.”
The company is set to invest around $3.1 billion (100 billion baht) in a series of both domestic and international projects.
- Central I-City – the lifestyle retail centre situated near Kuala Lumpur, Malaysia. The Malaysian government is keen to see it become a world-class tourist destination
- CentralWorld – the global destination in Bangkok will be launched in November 2018
- Central Phuket – slated to open in September 2018, the centre will combine luxury and leisure lifestyle with world class attractions, including Aquaria, which will be the largest aquarium in Thailand
- CentralPlaza Ayutthaya – the new lifestyle destination in Ayutthaya is set to open in December 2019
- Central Village – again in Bangkok, this will be the first international retail outlet in Thailand.
Three key strategies
Co-Create Center of Life had three main strategies. The first is to create destination concepts and categorise products and services. The second creates digital platforms, offering a seamless experience with real-time personalised offers. Customers’ mobile devices will be connected to services in the shopping centres. The third is about creating partnerships with business partners. For example CPN will work with I-Berhad to create the I-City ultra-metropolis. The company will also cooperate with IKEA.