SET-listed retail and property developer Central Pattana Plc (CPN) has expressed confidence in Thailand's retail market and believes there is still room for mixed-use projects to grow.
CPN chief development and commercial officer Chanavat Uahwatanasakul said the market in Thailand for mixed-use projects has not yet reached its saturation point.
However, the company must focus more on customer preferences, he noted.
According to its development plan for 2024-2026, CPN plans to invest over 15 billion baht in store renovation and the opening of Central Krabi next year, Mr Chanavat said.
Nattakit Tangpoonsinthana, chief marketing officer at CPN, said the company views Krabi as a location with strong potential as the province is renowned for its tourism destinations, earning the sixth largest tourism revenue in the country and the third largest amount of tourism revenue in the South.
"The locals have strong purchasing power, with per capita income of more than 190,000 baht per year, ranked the fourth highest per capita income in the South," said Mr Nattakit.
Chatree Kowitanupong, executive project director regional development at CPN, said the company is developing Central Krabi, a mixed-use project valued at 4.5 billion baht, located on a 114-rai plot of land. This consists of a Central shopping centre with a gross floor area of 47,500 square metres, which is scheduled to open in the third quarter of 2025.
This will be followed by the development of a housing estate, a condominium and a hotel, he said.
Central Krabi will feature premium lifestyle brands, shops from the Central Group such as Tops, Supersports, Powerbuy, B2S and Auto1, restaurants with a wide range of cuisines available, and a recreation space for children and families.
Mr Nattakit said as the population shares a more sophisticated lifestyle and increased purchasing power, coupled with urban expansion, the company plans to spend more than 10 million baht to renovate Central Bangna, Central Pinklao, Central Chaengwattana and Central Chiangmai Airport.
At Central Bangna, the store will feature over 320 accessible luxury brands, upper lifestyle brands and brand anchors in a space covering 10,000 sq m, with a new concept of Central department stores and business units under the Central Group.
Moreover, the company will create new spaces for Tops Food Hall and a "Food Play Yard", which brings together more than 100 restaurant brands, said Kunayudh Dej-Udom, head of business development strategy at CPN.
At Central Pinklao, the company plans to transform the existing mall into a gastronomy hub, featuring over 200 brands, including premium, casual, grab & go and street food, which it describes as a family food destination. The mall will focus on entertaining families and providing educational outlets.
The Central department store at Central Chaengwattana will feature a design makeover, a Tops Food Hall, along with a new family area featuring attractions such Bounce, HarbourLand and Joyliday, covering an area totalling 3,000 sq m.
Mr Kunayudh said the company aims to transform the current Central Chiangmai Airport into "the most complete mixed-use project of the North", which will consist of a shopping centre, a convention hall, a tourist hub and multi-generation space as well as a Go Wholesale outlet.