In the wake of recording-setting revenue growth for 2022 primarily driven by luxury sales, Siam Paragon, Bangkok, Thailand, announced a transformation project that not only elevates the renowned “global landmark in the heart of Bangkok,” but also re-imagines what defines a world-class destination.
The project is expected to take 18 months and has a target completion data of mid-2024.
The project is designed “to meet all the lifestyle needs of the future” while reinforcing Siam Paragon’s position as one of the most-visited destinations in the world. The USD 88.6 million (3-billion-baht) investment project “will seamlessly bridge the physical world, the digital world, and the Metaverse to present the incredible and exciting lifestyles of the future,” said Siam Piwat Co., in a statement adding that the project will be guided by five pillars, or principles, which creates a “platform where the best of the best from every field can come together and co-create world-class projects and experiences that exceed all expectations.”
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This approach is a win-win for luxury brands and their discerning customers.
“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,” said Caroline Murphy, President – Sales and Business Relations of Siam Piwat Co. “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.”
The project, which is titled “The Next Level Evolution,” will also firmly position the 500,000 square-meter “world-class destination” on the global stage. It is important to note that some of the work has already begun with the renovation of Siam Paragon’s Paragon Department Store. Prior to the project’s announcement, the destination has been where top and emerging brands showcased their products and where customers interacted with their favorite brands.
“As reception for luxury products has been phenomenal and some of the world’s highest growth in sales has been achieved here, Siam Paragon has established itself as a bona fide world-class destination,” Murphy explained. “In addition, many brands have opened pop-up stores in our venue to offer limited collections, thus generating buzz and experience beyond expectations for customers, reinforcing Siam Paragon’s leadership in the affluent customer segment in Thailand.”
She also noted that 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,” Murphy said.
As a result of this success, luxury brands prioritized Thailand as their key target in Southeast Asia and Asia “for launching special concept stores or unveiling their latest collections, thus boosting demand for space for additional store locations,” Murphy said, adding that Siam Paragon’s new investment plan “will enable it to meet this demand and accommodate more luxury brands and new brands out of the over 100 names currently on the waiting list.”
The company said newcomers will include luxury brands that will be making their debut in Thailand — and brands that are exclusive to Siam Paragon.
Boundless Potential
But how will Siam Paragon set itself apart from other destinations? Think unique collaborations coupled with the convergence of digital and physical — and with a Metaverse twist.
“We believe in the ecosystem that we have created and in its the boundless potential,” said Mayuree Chaipromprasith, President of Corporate Affairs and Communications, Siam Piwat Co. “Through the collaboration of various industries, we will co-create new phenomena. We are putting away traditional real estate development playbooks. Siam Paragon will no longer be a shopping center but a global platform where experts from various fields, including architects, engineers, interior designers, art and tech gurus, as well as luxury brands across the world and Thai entrepreneurs can engage in co-creation.”
Chaipromprasith said the platform will also “seamlessly connect the physical world and the digital world through ONESIAM SuperApp and the Metaverse to fulfill lifestyle needs for all visitors and deliver world-class experiences beyond expectations in multi-dimensions.”
To create a sense of discovery and wonder, Chaipromprasith said co-creation on the platform will be key and will also “bring about sustainable development and business growth,” adding that this is where everyone “will collaborate to redefine excellence. Many entrepreneurs have already launched highly successful flagship stores, and for this next level, we will work with them to bring to life one-and-only ultimate iconic stores in Thailand.”
Transcending Traditional Luxury Shopping
Helping to inform the vision of the transformation of Siam Paragon are its visitors, who come from all over the world. Siam Paragon’s team have been doing research of customers “to obtain insights, which will be utilized to enable us to better resonate with their needs and wants, their passions, and a broad spectrum of interests in order to deliver distinctive and engaging experience.” She explained that as part of this major transformation, “we will create an immersive community where customers will be a part of this key milestone. We will soon introduce ‘The Wall of Wonders’ campaign, which features a shared community space where locals and international customers can share on interactive walls their ideas and what they would like to see and experience at Siam Paragon.”
Chaipromprasith said the company will then “integrate those ideas from people from around the globe into our space with cutting-edge technology to cater to each community and different lifestyles in a fascinating way.”
Regarding the five pillars, the first is “Universe of the World’s Excellence,” which is the collaboration and co-creation aspect of the platform and involves visionaries from various industries. The second pillar is “Gateway to the Next Frontier Where the Digital World Meets the Physical World.” With this, Siam Paragon pioneers via “a co-creative platform that seamlessly bridges all the five physical senses with the imaginative power of the digital and virtual world to present lifestyles of the future in a way that goes above and beyond all expectations and deliver physical experiences that mesh perfectly with the eye-popping wonder of the virtual world – a new key magnet that will draw visitors from across the globe to Siam Paragon.”
The third pillar is “Celebration of Inclusive Luxury.” This is where Siam Paragon builds on its 17-year legacy of being the top destination for luxury shoppers. “The new historic transformation of Siam Paragon will redefine luxury for all, regardless of age, gender, or walks of life, across every sphere, from fashion, lifestyle, dining, travel all the way to technology, finance, and other personalized experiences,” the company said.
The fourth pillar is “Pioneering Quality Life Experience,” where collaborations of art, technology, and nature are celebrated in a large, sustainable space. “Visitors will be able to spend their time in Siam Paragon as their second home where they can take in nature, in an environment with excellent temperature and hygiene management and one of the best greenhouse gas management systems in Asia.”
And finally, the fifth pillar, “The Paragon Community of Global Citizens,” is where Siam Paragon offers global visitors in-store and digital experiences that exceed expectations. “Siam Paragon is creating new ‘cluster’ spaces to offer products, services and activities that serve the needs of different communities,” the company said, adding that the goal is to foster a sense of ownership and community with visitors where they “can share ideas and interests, create opportunities, and discover new technologies and business opportunities from wherever they are.”
Murphy said research has shown time and again that Siam Paragon “has always been the number one destination for Thai and international visitors and has become a familiar part of the lives of Bangkokians of all generations. Through the long-standing and close relationships with its customers, fostered through billions of visits, Siam Paragon has developed a truly unique character.”
“Therefore, while we are going ahead with a major transformation to rise to the next level of excellence and meet all lifestyle needs of the future, which is full of promise of so many exciting offerings, we recognize the necessity of preserving our essence, which gives Siam Paragon its distinctive identity and has earned Siam Paragon a special place in the hearts of all visitors that cannot be replaced by any other development project,” Murphy said.