Central Embassy ready to roll
Apr 3, 2014
Central Group of Companies is due to open the 18-billion-baht luxurious Central Embassy shopping complex in Bangkok on May 8 after several years of development.
Located on a nine-rai plot on the junction of Wireless and Phloenchit roads, the mall is a prestigious project for the country’s largest retail group. The land plot used to be part of the British embassy.
Chart Chirathivat, managing director of Central Embassy, said Central Group had spent more than seven years to develop the concept and complete construction to ensure it is a luxury shopping venue covering about 144,000 square metres.
It is an expensive retail project for the group, which paid 6 billion baht for the land. Another 7 billion was spent on construction, while 5 billion went on interior and store design.
Mr Chart believes Central Embassy will attract 50,000 to 60,000 customers a day, half of whom will be foreigners. The complex will house more than 200 internationally renowned names such as Bottega Veneta, Chanel, Gucci, Hermes, Miu Miu, Prada and Ralph Lauren.
Other luxury brands, displaying their products in stores designed with decor that merges with art, include A.P.C., BCBG Max, Azria, Christian Louboutin, Calvin Klein Collection, Isabel, Marant, Jil Sander, John Varvatos, Maison Martin Margiela, Proenza Schouler, Roberto Cavalli, Saint Laurent and Tom Ford.
Watch and jewellery brands will include the likes of Anyallerie, Audemars Piguet, Chavana, Chopard, Hublot and Pomellato.
There will also be world-renowned restaurants and the Embassy Diplomat Screens, an ultra-premium cinema chain to be opened at the mall.
The project also includes Park Hyatt Bangkok, a luxury six-star hotel. Mr Chart said the company is spending more than 100 million baht on Central Embassy’s opening. Another 200 million baht will be spend on signature events that will be held throughout the year.
“Central Embassy will bring Thailand to the front of the luxury lifestyle market. The company will apply the Central Embassy model to expand its influence in other provinces in Thailand, which has the potential to fulfil all the needs of luxury shopping both for Thai and foreign customers,” Mr Chart said.
According to the Tourism Authority of Thailand, tourist arrivals to Thailand were about 26.7 million last year. During the first nine months of the year, revenue from tourism was more than 1.18 trillion trillion baht.
Visitors’ spending on shopping was only 10%, which is very low compared with other countries in Asia.
The long-term goal of Central Embassy is to boost more spending on shopping to the level of Hong Kong, Singapore and Japan, highlighting Thai creations as the pride of the nation to propel the country to become a true shopping paradise in Asia, Mr Chart said.
Central Group now operates 24 shopping complexes and 18 department stores nationwide. The group last year reported sales of about 233 billion baht
Source: Bangkok Post