Siam Paragon has launched a transformation project aimed at redefining itself as a ‘global landmark in the heart of Bangkok’.
In a US$88.6 million (THB3 billion) project dubbed The Next Level Evolution that commenced late last year, the 500,000sqm retail destination will be substantially upgraded in a transformation the company says will “seamlessly bridge the physical world, the digital world, and the metaverse to present the incredible and exciting lifestyles of the future”.
The project began with a progressive upgrade of the Paragon Department Store late last year and is on track to be completed by mid-next year, taking 18 months.
Siam Paragon’s investment plan will enable it to meet what it describes as surging demand from luxury brands and other labels new to Thailand, more than 100 of which are currently on a waiting list to open in the centre. Newcomers will include brands making their debut in Thailand and others that will be available exclusively at Siam Paragon.
Caroline Murphy, president – sales and business relations with Siam Piwat Co, (pictured above right) says Siam Paragon has established itself as a global destination during the 17 years since it first opened, earning a “top-of-mind position among Thais and international visitors alike”.
“As a vital part of Bangkok’s DNA, Siam Paragon has been meshed into every heartbeat of the metropolis and has breathed vibrancy into the daily life of people in Bangkok. It is also the ultimate microcosm where visitors from across the globe can come and experience the latest lifestyle trends of Bangkokians.”
Last year, Siam Paragon not only exceeded its revenue target but achieved growth of more than 50 per cent year on year, surpassing even the pre-Covid figures from 2019, despite the limited presence of international tourists, says Murphy.
“The leap in sales was driven primarily by the luxury segment, which reported soaring profits and three consecutive years of world-class performance. 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, thus boosting demand for space for additional store locations.
“Siam Paragon has been a platform for retailers, including luxury brands and local entrepreneurs, to showcase the best of the best.”
Murphy says the “phenomenal reception of luxury goods” at Siam Paragon helped it achieve the world’s highest growth in luxury sales.
“In addition, many brands have opened pop-up stores in our venue to offer limited collections, thus generating buzz and experience beyond expectations for customers, reinforcing Siam Paragon’s leadership in the affluent customer segment in Thailand.”
Murphy says the transformation will “redefine luxury for all,” regardless of age, gender, or background, across every sphere, from fashion, lifestyle, dining, and travel through to technology, finance, and other personalised experiences.
