Siam Piwat introduces revolutionary retail concept to Thailand with opening of new ‘Siam Discovery' on 28th May as the ‘Biggest Arena for Lifestyle Experiments'.
Bangkok (13 June 2016) – Siam Piwat Co., Ltd., the owner and operator of prestige retail developments such as Siam Paragon, Siam Center, Siam Discovery, and Paradise Park, as well as the joint venture partner of ICONSIAM, announced that Siam Discovery has opened its doors as Thailand's ‘biggest arena of lifestyle experiments' on May 28th 2016 after a US$112 million re-build.
The new Siam Discovery, spread across 40,000 square metres of space, is Thailand's largest lifestyle specialty store, placing special emphasis on allowing visitors to experiment by trying out new products and new ideas and giving them opportunities to to discover and re-discover themselves.
Mrs. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Co., Ltd. said: “Its innovativeness will reinforce Siam Piwat's reputation as a thought-leader in Thailand's retail sector capable of creating unprecedented destinations that compete with the best of the world as well as support Bangkok's appeal as the retail hub of the ASEAN Economic Community (AEC) and a favourite shopping destination for the world.”
More than US$8.5 million is being spent on the grand opening event and opening promotions.
Mrs. Chutrakul added, “We have created a venue where thousands of lifestyle brands are brought together under a single universal concept that puts customers at the centre. That means everything presented at Siam Discovery is not organized by brand, or category, as in traditional retailing, but by visitors' interests, because our purpose is no longer just to sell products but to provide an extraordinary and emotional experience that allows visitors to discover and express themselves.
"We then enhance that experience by adding a very strong story-telling component. As visitors move through the various parts of Siam Discovery, they are immersed in the intangibles of a brand and a category. They are also drawn into stories relevant to their interests, their beliefs, as well as trends, rather than just being presented a selection of products.
“These experiences are highly interactive and with lots of opportunities for visitors to personalize their purchases. We also empower visitors to make statements about their life preferences, whether it be about sustainability or a love of nature, and to support those preferences through their purchases, and through occasions to interact with like-minded people and communities. And then we further enhance those experiences through the power of the most advanced digital technology. It's a totally new and an extraordinarily exciting way of presenting products and their associated lifestyles,” she said.
“Our role as a retailer has advanced to another level and become one of managing visitors' experiences and emotions, rather than just one of managing products, categories and displays,” she said.
“We target all genders and age groups, and estimate doubling Siam Discovery's per-square-metre sales within a year,” Mrs. Chutrakul said.
She expects the new Siam Discovery to attract, in the first year, 100,000 visitors a day, with around 35% being international visitors.
Products are presented are in five different categories including Everyday Products, Trend Products, Innovative Products & Services, Sustainable Products, and Collaborations and Absolute Siam Products.