SET-listed retail and property developer Central Pattana (CPN) has teamed up with the government and the Ratchaprasong Square Trade Association (RSTA) to launch New Year's countdown events to spur revenue.
Nattakit Tangpoonsinthana, executive vice-president of marketing at CPN, said the company plans to allocate 500 million baht for the project, working with the Royal Thai Police, the RSTA, Suntory PepsiCo Beverage (Thailand) Co and BEC World Plc to launch "Central World Bangkok Countdown 2023" at Central malls in Phuket, Chiang Mai, Pattaya, Ayutthaya, Nakhon Ratchasima and Hat Yai.
He said the events will include performances from famous artists from South Korea and Thailand such as K-pop star Jung "Rain" Ji-hoon, Bowkylion, Violette Wautier, Oat Pramote and Joey Boy.
At the CentralWorld Bangkok Countdown, Mr Nattakit said visitors can experience a spectacular 180-degree fireworks display for 15 minutes alongside "Digital Firework Art" on a large panoramic screen by world-class street artists.
The company expects revenue of 1 billion baht from the "countdown period" of Dec 21-31, on par with the same period in 2019, he said.
Chai Srivikorn, president of RSTA, said retail business in the Ratchaprasong area is at 70-80% of the pre-crisis level, when there were roughly 200,000 shoppers a day in 2019.
He expects 500,000 people to join the Bangkok countdown event at CentralWorld, comprising 400,000 Thais and 100,000 tourists.
"2023 is a challenging year for retail business. Though the global economy remains highly uncertain and is likely to plunge into an economic recession, Bangkok remains attractive for foreign tourists because it offers value for money," said Mr Chai.
He said hotels in the Ratchaprasong area have an average occupancy rate of 80%, compared with 60% during the first countdown several years ago. The number of foreign tourist arrivals this year greatly exceeded the company's expectation.
Mr Chai projects foreign tourists to top 20 million next year from about 10 million this year. He said he is not worried about reports of a Covid-19 surge because he believes the Public Health Ministry can handle any spread.
"We believe the retail situation in 2023 will improve greatly if Chinese tourists resume travel next year," said Mr Chai. "We are not concerned much about inflation as the situation is improving."
With a new election slated for 2023, government policy will be significant in drawing more foreign investment to Thailand, he said. Mr Chai urged all retail and tourism firms to cooperate on promoting shopping and tourism in Phuket, Samui and Pattaya.
