ICONSIAM’s 313% Sales Boost: The New Post-Pandemic Business Model!

September 1, 2023

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Thailand’s crown jewel of retail, ICONSIAM, is setting an extraordinary example for post-pandemic economic recovery, boasting a staggering 313% year-on-year growth in sales in its SOOKSIAM business zone. This growth was reported in the first quarter of 2023 and is coupled with a 94% spike in foot traffic, thereby turning the luxury mall into a global case study for business resilience.

A joint venture between the Siam Piwat Group, Charoen Pokphand Group, and Magnolia Quality Development Corporation, ICONSIAM sits majestically along the Chao Phraya River. But this opulent haven is more than just a shopping destination. According to industry experts, ICONSIAM’s groundbreaking model of ‘co-creation and shared value’ is the linchpin of its success.

The Economic Backdrop.

As per S&P Global Market Intelligence, Thailand is gradually shifting toward economic prosperity, with an expected 3.5% GDP growth in 2023. This rebound is primarily attributed to international tourism, which came back to life following the easing of travel restrictions in 2022. Among the beneficiaries of this upturn is ICONSIAM, whose growth trajectory is a testament to Thai entrepreneurs’ resilience and innovation.

Community-Driven Luxury.

But there’s more to ICONSIAM than just solid numbers. “We have prioritised Thai culture and our communities from day one,” says Mr Supoj Chaiwatsirikul, Managing Director of ICONSIAM Co., Ltd. This can be seen in the mall’s pioneering efforts to integrate social responsibility and sustainability into its business ethos, pushing the boundaries of what a luxury destination can offer.

Upon its inauguration in 2018, ICONSIAM committed to dedicating 30% of its space to Thai-owned small businesses. SOOKSIAM, the cultural cornerstone of the mall, features a traditional market-style layout offering Thai street food, local crafts, and entertainment. Beyond being a tourist magnet, this strategic locale provides an international platform for small businesses from all 77 Thai provinces.

The Support Network.

ICONSIAM’s active role doesn’t end at providing retail space. It extends into a comprehensive suite of resources, including marketing, advertising, public relations, and financial management support. This support ecosystem is crucial to the recent international expansions of several SOOKSIAM entrepreneurs. For example, Loong Ngernfrom of Clay-Pot Coffee has been franchised in Mainland China, Indonesia, and Malaysia. Similarly, Job General, specializing in hand-made woollen products, is now gaining traction in Taiwan.

Conclusion.

ICONSIAM’s winning combination of luxury retail, cultural preservation, and community engagement is more than just a model; it’s a beacon for the future of retail and small business support. As Thailand continues its post-pandemic economic ascent, ICONSIAM serves as both a catalyst and a testament to the power of a community-centric approach in business.

It may very well be that the future of global retail isn’t just in high-end branding and international recognition—it’s in the power of community support and shared values. With its eyes set on the future, ICONSIAM is not just surviving; it’s thriving. And in doing so, it’s developing a precedent for the rest of the world to follow.