Siam Paragon is redefining its retail premise to meet future lifestyle needs.
The retail developer is investing 3 billion baht in what it calls a "transformation project" that will reinforce its positioning as one of the most-visited global retail destinations.
The project includes the creation of a global prototype of a platform which is gathering world-class projects and experiences. The transformation will also bridge the physical world, the digital world and the metaverse to present exciting lifestyles of the future.
Caroline Murphy, president for sales and business relations of Siam Piwat Co, said over the past 17 years, Siam Paragon has established itself as a global destination among Thai and international visitors for luxury products.
Ms Murphy said Siam Paragon ranked as the world's sixth most checked-in destination and is the only venue in Thailand and Asia to be placed on Facebook Review's list of top 10 global destinations.
She said Siam Paragon had an exceptional year in 2022 as revenue exceeded the target, with growth of more than 50% year-on-year.
"This success has led luxury brands to prioritise Thailand as their key target in Southeast Asia and Asia for launching special concept stores or unveiling their latest collections," said Ms Murphy.
"The new investment plan will enable Paragon to meet this demand and accommodate more luxury brands and new brands out of the over 100 names currently on the waiting list.
"As part of this major transformation, we will create an immersive community where customers will be a part of this key milestones."
Siam Paragon unveils a transformation project entitled "The Next Evolution" worth 3 billion baht with a projected completion date of mid-2024.
She said this new project called "The Next Level Evolution" will create another phenomenon in the retail business. "The game-changing transformation of the 500,000 square metres in the middle of Siam will place Thailand firmly on the global stage once again and enable it to win over the world."
TRANSFORMATION VISION
Mayuree Chaipromprasith, president of corporate affairs and communications at Siam Piwat, said the company believed in its ecosystem and boundless potential.
"Through the collaboration of various industries, we will co-create a new phenomena. We are putting away traditional real estate development playbooks," she said.
"With the transformation, Siam Paragon will no longer only be a shopping centre -- rather it will be a global platform where experts from all fields, including architects, engineers, interior designers, art and tech gurus, as well as luxury brands across the world and Thai entrepreneurs can engage in co-creation.
"The platform will also seamlessly connect the physical world and the digital world through OneSiam SuperApp and the Metaverse to cater lifestyle needs for all visitors.
"Siam Paragon is highlighting the idea of co-creation on this platform to bring sustainable development and business growth. As part of this major transformation, we will create an immersive community where customers will be a part of this key milestone."
Ms Mayuree said the company will soon introduce "The Wall of Wonders" campaign, which features a shared community space where locals and international customers can share on interactive walls their ideas and what they would like to see and experience at Siam Paragon.
"We will integrate those ideas from people from around the globe into our space with cutting-edge technology to cater to each community and all lifestyles in a fascinating way," she said.
Ms Mayuree said "Siam Paragon -- The Next Evolution" will be built upon five pillars: universe of the world's excellence, gateway to the next frontier where the digital world meets the physical world, celebration of inclusive luxury, pioneering quality life experience and The Paragon community of global citizens.
