Siam Amazing Park has admitted its new retail zone attracted fewer new tenants than expected, mainly attributed to sluggish spending in the domestic market, although the Mice (meetings, incentives, conferences and exhibitions) segment is picking up, thanks to government sector spending.
The absence of significant activity has been captured by visitors to the park who shared video clips highlighting the situation on social media. As it has been the most popular waterpark among families and children in Bangkok, the situation has been widely debated online.
Wuthichai Luangamornlert, chief executive of Siam Park Bangkok, the operator of the park, said most videos were taken in its latest zone called Bangkok World, which was developed under the theme of historic, cultural Bangkok, featuring a food and retail zone as well as a meeting hall.
Located on a 70-rai plot in front of the park, the opening of Bangkok World was delayed due to the pandemic, and was finally fully launched in the middle of 2023. It has over 31,000 square metres of usable space, mainly allocated to retail.
Mr Wuthichai said the project has just started attracting tenants and had gained a 10% occupancy rate, which was lower than anticipated.
Retailers have been reluctant to rent shops in the area due to the country's sluggish economy, which has impacted both small-business owners and spending in the mass market.
He said the company is considering converting some of the retail space to office space to earn revenue.
"The return on investment from Bangkok World may take longer than anticipated," said Mr Wuthichai.
It will also accelerate meeting groups instead, particularly at the Bangkok Dinner Theater hall inside Bangkok World.
He said its unique features within an amusement park and an abundance of parking spaces would benefit meeting groups who wish to organise their special functions at the park.
Mr Wuthichai said both the amusements and the water park had continued to record fewer visitors than they did before the pandemic.
During holidays and weekends, it saw around 5,000-6,000 visitors, compared to more than 8,000 visitors in the past. Over 70% of visitors to the park were locals.
Given the sluggish economy, its overall revenue and traffic in 2024 would drop by 30-40% from 2023, which had pent-up demand to help maintain the flow of guests, said Mr Wuthichai.
He said the number of visitors is expected to return to normal during the final quarter, banking on school holidays and several other holidays, and expenditure from the public sector.
The company still plans to develop a hotel on the site within the next five years to complete all services within the park.