• Celebrating 60 years of success with remarkable growth, Siam Piwat rises to become the 'Leader of the Creative Economy' in the retail and real estate development sectors.

  • Transcending domestic competition, aiming to 'make Thailand great on the world stage.'

  • Joining forces with global partners to develop cities, expand retail businesses, and create continuous monumental phenomena.

  • Committed to co-creation with partners, ensuring mutual benefits for all parties to achieve sustainable growth.

 

 

          Bangkok (March 12, 2019) – Siam Piwat Co., Ltd., the owner and operator of world-renowned projects such as Siam Paragon, Siam Center, and Siam Discovery, and one of the partners behind 'Icon Siam,' the grand urban project symbolizing Thailand's prosperity along the Chao Phraya River, declares its position as the 'Leader of the Creative Economy' by harnessing creativity and cutting-edge innovation to enhance Thailand's reputation on the global stage. The company reveals its key strategies for the next five years while celebrating its 60th anniversary with remarkable business growth, having doubled its revenue since 2014.

 

 

          Ms. Chadathip Jootrakul CEO of Siam Piwat Co., Ltd. stated, “For 60 years, Siam Piwat has been committed to being the leader in creativity and innovation in creating prototypes and introducing new standards to develop the real estate sector as part of driving the Thai economy. We have repeatedly created revolutionary phenomena in the industry. From the direction announced by Siam Piwat five years ago, we have proven that Siam Piwat has indeed created monumental global phenomena, from transforming Siam Center into a trend-setting idea city to reimagining Siam Discovery as a hybrid retail destination, marking the first time a Thai shopping center has won awards simultaneously from both the global shopping center and retail industries. Most recently, the launch of the Icon Siam mega project, the hottest trend of 2018, has been recognized by key organizations and associations in the international retail and real estate development sectors as a model project of Creative Innovation that perfectly integrates Art-Culture with Retail and Entertainment. It is a game-changing project that has overcome all types of challenges amidst political changes and economic volatility over the past five years. We have successfully developed the Icon Siam project, establishing a new paradigm for business based on Shared Values along the banks of the Chao Phraya River, blending modernity from the city center with the culture and beauty of being Thai, while inviting other businesses to join in creating this magnificent city as a destination that people from around the world want to visit.”

 

 

“The pride and synergy of Siam Piwat is that our business has grown sustainably while creating shared value for all stakeholders, including business partners, communities, and society, as part of driving the economy and bringing prestige to Thailand.”

 

 

 

Furthermore, Ms. Chadathip added, “Siam Piwat today transcends domestic competition to become a “Leader of the Creative Economy” that will unite Thai people at all levels, elevate capabilities, and extend creativity and innovation to present unique experiences as the first and create unprecedented monumental phenomena, bringing honor and recognition to the Thai people and our Thailand on the global stage. We have laid out a new strategic plan to drive our business and define Siam Piwat's investment direction, focusing on creating business opportunities with all Thai people and leading international partners while launching superior innovations and technologies to drive comprehensive marketing strategies. Our goal is to increase our business group's revenue by 1 to 1.5 times in the next five years.”

 

 

 

With this strong and distinct position, Siam Piwat has unveiled key strategies for its 5-year business plan as follows:

 

  1. Continue creating monumental global projects both domestically and internationally, building on the success of One Siam and Icon Siam.

 

          With a vision for urban development, the projects that Siam Piwat creates must be large-scale, revolutionize the retail industry, and be tailor-made. The success of all past projects has led Siam Piwat to be approached by international operators for investment or consultancy in project development. Most recently, the success of Icon Siam has inspired operators worldwide to learn how to develop projects that can convey the identity (DNA) of the country in every dimension, alongside business operations. The knowledge and experience gained from developing Icon Siam will be applied to the development of large national and global projects. In the next five years, there will be large-scale projects with innovative and unexpected concepts, details of which will be announced soon.

 

          Additionally, Siam Piwat continues to drive “One Siam”, which is the collaboration of Siam Paragon, Siam Center, and Siam Discovery to provide superior experiences and maintain the number one position in customers' hearts. It is the only place in Asia and the global retail industry that ranks among the top 10 most popular destinations worldwide, number 1 on Instagram, and number 6 on Facebook.

 

          Icon Siam continues to create extraordinary phenomena by opening additional key components such as TRUE ICON HALL, the first state-of-the-art convention center in Bangkok covering over 12,000 square meters, capable of hosting national-level meetings and world-renowned shows, which will help propel Bangkok as an international conference hub supporting Thailand's MICE industry, and River Museum Bangkok, which will be the first international standard museum in Thailand, collaborating with a network of museums worldwide to showcase valuable artworks from abroad for the first time in Thailand.

  1. Collaborate with leading global partners to develop retail and real estate businesses.

 

          In the past, Siam Piwat has gained the trust of many leading global companies, choosing to partner with Siam Piwat to jointly invest in large-scale project developments. In 2018, Siam Piwat announced an investment partnership with Simon Property Group, the world's number one retail real estate development company from the USA, with plans to open the first Luxury Premium Outlets in Thailand by the end of this year and expand to two more locations outside Bangkok.

 

          At the same time, Siam Piwat has been contacted by several renowned companies from various countries wishing to invest in Thailand. With a neutral business approach, Siam Piwat can collaborate with all partners to develop large urban projects, currently in the study phase, looking for locations both in Bangkok and other provinces.

 

          In the retail business, Siam Piwat remains committed to continuously offering innovative products and services as the first. From past successes, such as collaborating with Takashimaya, the best department store in Japan, to open its first branch in Thailand at Icon Siam, to joint ventures with iStyle Inc., the largest and most successful beauty product review and ranking retailer in Japan, to open the first @cosme store in Thailand, and expanding franchise businesses like Loft, which currently has five branches, and ALAND, the most famous fashion brand from Korea, as well as creating ICONCRAFT, an inspiring space to elevate Thai craftsmanship to the global stage.

 

          This year, Siam Piwat plans to diversify its retail business line further, including expanding retail franchises and joint ventures with leading international retailers to launch two more lifestyle brands.

          Additionally, there will be a focus on supporting Thai designers and Thai SMEs to develop on the distribution platform managed by Siam Piwat comprehensively, allowing small-scale entrepreneurs with low costs to benefit from Siam Piwat's data center to continuously develop their products.

  1. Invest in new businesses to strengthen core businesses.


          Siam Piwat is interested in investing in real estate purchases, other business investments, and expanding retail businesses that will support its core business to enhance Siam Piwat's capabilities, such as purchasing office buildings, logistics operations, and new forms of innovation and technology.

          Additionally, the company aims to expand its business under four to five subsidiary companies, such as establishing Siam Alliance Management Co., Ltd. to leverage expertise from managing Royal Paragon Hall to manage new convention and exhibition centers like TRUE ICON HALL and invest in creating convention centers for various events, including concerts in new locations. The company will continue to provide comprehensive marketing promotion services through Supremmo Co., Ltd., which has already created many world-class experiences, such as the Amazing Thailand Countdown event along the Chao Phraya River last year. There is also a consulting and building management service business under Siam Professional Management Co., Ltd., which has provided services to several real estate development companies. These affiliated companies will continue to provide business services to other operators.

 

  1. Launch a large database system and data management developed over more than five years to create differentiation while meeting customer needs, driving comprehensive marketing strategies both domestically and internationally.

 

          With a focus on customer needs and interests (Customer Centric), Siam Piwat is committed to bringing the most advanced innovations and technologies to develop its operations, from studying customer needs to designing customer journey experiences, services, and promotions that best meet individual customer needs.

          This year, Siam Piwat will launch a Marketing Intelligence System developed over five years with a budget of 500 million baht, ready for full operation this year, led by Mr. Sanchai Tiewprasertkul, the CEO of Siam Piwat Group, and          

          Assoc. Prof. Dr. Peerapol Wateekul, a faculty member of the Computer Engineering Department at Chulalongkorn University, will drive the marketing strategy to be as efficient as possible. In developing this system, Siam Piwat has utilized a large database from four of its shopping centers, which have the highest visitor numbers and success rates in Thailand, to analyze consumer behavior to better meet customer demands. The company has also adjusted its innovation technology infrastructure (IT Infrastructure) and data management systems entirely, dividing the system into two parts.

 

          (1.) In the Front-end, Siam Piwat has implemented Location awareness and Member awareness through a Mobile Application, integrating marketing data centers by centralizing the web and developing Electronic Digital Marketing (EDM) to better reach customers through various electronic devices.

          (2.) In the Back-end, Siam Piwat has developed a Data Infrastructure system to store customer behavior data in multiple dimensions and uses Advanced data analytics to analyze and understand the behavior and needs of individual customers to promote marketing activities that resonate with customers and yield the highest returns.

 

          Additionally, Siam Piwat will expand retail channels to online markets through e-commerce and s-commerce to reach customers who cannot visit our locations, especially customers from other provinces and abroad, providing convenience that meets modern customer lifestyles.

 

  1. Strategies for creating value and shared benefits towards sustainability, collaborating with Thai entrepreneurs nationwide to compete on the global stage, turning Local Heroes into Global Heroes.

          Siam Piwat remains committed to driving sustainable business growth (Sustainability) by creating a model of business operations based on co-creation and creating shared value for all parties, which has been the core concept in developing all of Siam Piwat's projects.

          Collaborating with all sectors, from government organizations, private sectors, new-generation Thai entrepreneurs, and knowledgeable experts from around the world, is reflected concretely and fully in the latest project, Icon Siam, which represents a national scale of co-creation never seen before, as it combines creative ideas from all fields with knowledgeable individuals from communities across the country, business sectors, government sectors, and experts from various countries, both large and small. Siam Piwat works closely with them, challenging them to think outside the box and do things that have never been done before, leading to exponentially increased success for everyone involved in the project.

          Additionally, Siam Piwat collaborates with the government to train new generations of talented individuals in all professions to become a driving force for Thailand's progress, such as supporting the D-MARK Show project, the Thai Talent and Designer Room project, and opening the Objects of Desire Store (ODS) in collaboration with the Department of International Trade Promotion, Ministry of Commerce, to promote the works of new Thai designers to reach the global market. The project also aims to develop community product innovations for new entrepreneurs in collaboration with the Ministry of Science and Technology to elevate OTOP comprehensively through science, technology, and innovation, as well as promoting and developing handicraft products in collaboration with SACICT, the International Center for the Promotion of Arts and Crafts (Public Organization). Furthermore, Siam Piwat has achieved great success in working with local small-scale entrepreneurs from across Thailand in the Suk Siam project, resulting in good sales and widespread recognition for products from various villages and localities.

          Siam Piwat will continue to support these projects and seek opportunities to undertake good projects in collaboration with various organizations to support talented new generations, honor their capabilities, and promote Thai craftsmanship, turning “Local Heroes” into “Global Heroes” who will bring fame to Thailand and compete gracefully on the global stage.

          Every project must spread prosperity, benefit the surrounding business communities, care for the environment and the quality of life of the community, create benefits for society at large, foster economic growth, and bring prestige to the nation. Siam Piwat serves as a platform to support Thai entrepreneurs, promote the capabilities of Thai people from all professions, instill pride in their potential, and ignite the power of being Thai.

  1. Developing Siam Piwat Academy and creating Siam Piwat Next-Gen Leaders.

 

          To accommodate the rapid business expansion from 15 companies to 46 companies within the past five years and respond to the business expansion plan, Siam Piwat plans to restructure management and develop the organization as follows:

          Creating Siam Piwat Next-Gen Leaders to strengthen the management team to drive the organization forward. Over the past five years, a Think Tank unit has been established to work closely with the CEO and senior executives with extensive experience and expertise in various fields, providing opportunities for these young leaders to be intensively trained and have a platform to showcase their potential, grow, and take pride in every success of the organization.

          Additionally, the Siam Piwat Academy project, which is a management course that imparts knowledge accumulated over 60 years in managing shopping centers and retailing, has been conducted in collaboration with leading institutions in Thailand, such as Chulalongkorn University and Thammasat University, teaching Sustainable Shopping Mall Management, which has received positive feedback and has expanded collaboration to other leading institutions, such as the Sasin School of Management. In the coming years, Siam Piwat will seek out new generations with potential and diverse expertise (Multi Skills) who can understand customer needs and the lifestyles of the digital age.

          Siam Piwat plans to adjust its organizational development project by creating a Center of Excellence, or a central unit that brings together experts and experienced personnel in various fields to oversee and support all subsidiary companies. Additionally, there are plans to adjust work processes by incorporating technology to enhance work efficiency, such as using Chatbots, Robotics, and AI, making the organization agile and able to quickly adapt to customer needs and changes.

          “We believe that with our unique vision and stance on using creativity and cutting-edge innovation (The Icon of creative & innovative lifestyle) in Siam Piwat's business operations over the past 60 years, along with the strategies we have laid out, we will be able to stand firm and succeed in the retail and real estate development industry in every era, helping to lead our business and all partners towards sustainable growth, aiming to be the “Leader of the Creative Economy” and elevate Thailand to greatness on the world stage,” Ms. Chadathip concluded.