Central Pattana Plc (CPN), Thailand’s largest and one of top diversified retail property developers recently announced its 5-year vision to ‘Co-Creating Center of Life’ to pioneer future trends of retail and tackle with the digital era as well as to invest around USD 3.1 billion within 5 years to become one of top 5 diversified retail property developers. It highlights five major or new projects in Thailand and overseas including the major renovation of CentralWorld, Central Phuket, Central i-City, CentralPlaza Ayutthaya and Central Village.
Mr. Preecha Ekkunagul, President and CEO of CPN said: “In the era of digital disruption currently happening around the world, the only way to survive is to adapt. CPN sees this change as a challenge and opportunity that will allow us to create a new chapter of retail industry again similar to what we have done over the past 38 years. Our new vision for the next five years is to ‘Co-Create Center of Life’ making CPN’s shopping centers as destinations for all, where everyone can live life. The important pieces of the jigsaw are all our business partners and tenants that will co-create these new things for business success and sustainable growth.”
CPN plans to invest around USD 3.1 billion (100 billion baht) in the next five years in both domestic and international projects, focusing on five key projects that will reflect the ‘Co-Creating Center of Life’ vision. There are 5 highlighted projects that will complete within 2 years including Central I-City — a complete lifestyle shopping center situated in a very high potential location near Kuala Lumpur, Malaysia. It is in a huge mixed-used project that the Malaysian government is pushing forward to become a world-class tourist destination; The renovation of CentralWorld — a global must-visit destination, which will be launched in November 2018; Central Phuketwhich will open in September 2018 and is able to perfectly fulfill both luxury and leisure lifestyles with never-seen-before world class attractions: ‘Tribhum’ — the Mystery of Three Worlds’ in 3D-walkthrough theme park, ‘Aquaria’, which will be the largest aquarium in Thailand; CentralPlaza Ayutthaya — a new lifestyle destination in Ayutthaya, a world-heritage city, aiming to be open in December 2019 and Central Village, the first international retail outlet in Thailand.
The vision to ‘Co-Create Center of Life’ consists of three strategies: 1)Create Destination Concepts: Develop destination for all customers by lifestyle and preferences and also categorize products and services based on lifestyles. 2) Create Digital Platforms: To offer seamless experience by delivering the Real-Time Personalized Offers, enhancing Online Experience to conveniently and quickly connect customers’ mobile devices to the services in the shopping centers and Integrating Market Platform by joining hands with Central JD to add a sales channel that is more seamless. 3) Create Partnerships: with business partners e.g. I-Berhad to create the I-City ultra-metropolis, and cooperating with IKEA to create the first store format in the world at one of its biggest malls in Bangkok.
CPN is a pioneer in Thailand’s retail industry who always introduces new shopping & lifestyle trend such as the ‘Lifestyle Experience’ concept at ‘CentralWorld’, which has established the idea that a shopping center is not only for shopping. It currently has 32 shopping centers in Thailand.