Siam Paragon, a global landmark in the heart of Bangkok, is investing US$88.6 million in a transformation project to redefine excellence and cater to all lifestyle needs of the future. The project, called “The Next Level Evolution,” aims to create a new global prototype of a platform where the crème de la crème from every field can come together and co-create world-class projects and experiences that exceed all expectations. Siam Paragon generated record-high revenue in 2022, with over 50 percent growth from the previous year, surpassing its pre-Covid market value in 2019 despite a significantly smaller number of international visitors. The success reinforces Siam Paragon’s strong leadership in the high-net-worth shopper segment.
The transformation project, scheduled to be completed in mid-2024, will seamlessly bridge the physical world, the digital world, and the Metaverse to present the incredible and exciting lifestyles of the future. Siam Paragon’s vision for the transformation involves creating a platform that blends commerce, entertainment, and technology. It aims to enable the crème de la crème from every field to come together and co-create world-class projects and experiences that exceed all expectations.
As the transformation project progresses, Siam Paragon’s ‘Paragon Department Store” has been undergoing a revamp, scheduled to be completed in 2023. Alongside this overhaul, Siam Paragon is investing US$88.6 million more in the transformation of the ‘global landmark in the heart of Bangkok’. The renovation has been ongoing in sections since the end of 2022 and is expected to reach completion in mid-2024 or 18 months from now.
Ms Caroline Murphy, President – Sales and Business Relations of Siam Piwat Co., Ltd., stated, “Over the past 17 years, Siam Paragon has established itself as a global destination that has earned the top-of-mind position among Thai and international visitors alike. As a vital part of Bangkok’s DNA, Siam Paragon has been meshed into every heartbeat of the metropolis and has breathed vibrancy into the daily life of people in Bangkok. It is also the ultimate microcosm where visitors from across the globe can come and experience the latest lifestyle trends of Bangkokians.”
Siam Paragon’s success can be attributed to its positioning as one of the most-visited ‘global landmark destinations’ that offers an unparalleled shopping experience for luxury products. The luxury segment drove the jump in sales in 2022, achieving the world’s top ranking. Additionally, Siam Paragon has been ranked as the world’s 6th most checked-in destination and the only venue in Thailand and Asia to place on Facebook Review’s list of top-ten global destinations, making it truly a global legendary landmark.
The transformation of Siam Paragon aims to take it to new heights of excellence to meet the changing lifestyle needs of the future. The project will enable Siam Paragon to meet the demand and accommodate more luxury brands and new brands out of the over 100 names currently on the waiting list. Newcomers will include brands that will be making their debut in Thailand and brands that will be available exclusively at Siam Paragon. The transformation project will place Thailand firmly on the global stage once again and enable it to win over the world. Siam Paragon’s Next Level Evolution is a game-changing transformation that will redefine excellence and cater to all lifestyle needs of the future.
Written by: Supaporn Pholrach (Joom)