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HomethailandgeneralIconsiam sets aside B1bn to renovate luxury complex

Iconsiam sets aside B1bn to renovate luxury complex

Iconsiam Co, the operator of Iconsiam mall, is set to invest 1 billion baht to renovate the complex, scheduled to commence in July 2024.

According to Supoj Chaiwatsirikul, the company’s managing director, the renovation will focus on the M and first floors of Iconsiam, aiming to adjust the merchandise mix in the fashion and jewellery zone to better align with customer demand. The anticipated timeline for this renovation project is from July or August next year until the middle of 2025.

There are 50-60 local and international fashion, food and beverage businesses awaiting to debut at Iconsiam, he said.

“We plan to incorporate flagship stores for select luxury brands and introduce international food and beverage options in response to customer demand,” Mr Supoj said.

Simultaneously, an additional 200 million baht will be allocated for the creation of a new attraction on the eighth floor, with plans set to commence in 2025.

A feasibility study over the course of a year will be also conducted to determine a suitable museum to occupy 5,000 square metres on the eighth floor, and construction is slated to begin in 2025.

“Iconsiam has met with great success through its five-year establishment. We have seen a significant growth in business and tourist numbers. The key to our sustained success is not merely as a shopping complex, but as a multifaceted destination,” he said.

Prior to the Covid-19 pandemic, the primary customer base of Iconsiam consisted of foreign tourists. However, the shift in focus post-pandemic has been towards local customers and expatriates.

Tourists take snaps at the 10m-tall Olaf at River Park, Iconsiam. The character is a collaboration of Iconsiam with Hong Kong Disneyland Resort. Apichart Jinakul

Mr Supoj said he also feels optimistic that serious soft power promotion efforts by the government will help stimulate the country’s overall tourism sector and help draw foreign tourists back next year.

“The recent incident at Siam Paragon had a limited impact on our business, with a daily footfall of 100,000 visitors and a weekly average ranging from 120,000 to 140,000 visitors. With the government’s soft power promotional plans, we anticipate sustained growth in the retail business next year.”

According to Mr Supoj, Iconsiam is committed to collaborating with partners around the world to curate and host high-calibre events year-round, elevating the promotion of Thai traditional festivals to grand-scale world-class occasions in part to enhance the level of soft power.

Additionally, Iconsiam is partnering with various entities, such as Kasikornbank, Magnolia Quality Development Corporation Co, The Iconsiam Superlux Residence Corporation Co and Thai Yamaha Motor Co to organise a grand fifth anniversary campaign.

The campaign, with an estimated budget of 500 million baht, will span five months and feature world-class events, promotions, special offers and entertainment activities. The objective is to highlight Thailand’s soft power to attract global tourists and collaborate with internationally acclaimed artists alongside local talent.

Notable international artists set to participate in the fifth-anniversary celebration on Nov 9 include Lee Junho, an actor from the popular South Korean TV series King the Land, and a member of boy band 2PM, and Mark Tuan, a former member of boy band GOT7.

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