The Thai retail industry recorded an active second quarter with significant developments outside of Bangkok and a hypermarket consolidation.
Since the takeover of Carrefour by Big C at the end of last year, there has been a process of rebranding with an obvious change in name but also a differentiation of hypermarkets by the addition of Extra to some Tesco Lotus and Big C stores.
Extra stores contain more food, beverage and entertainment options and are slightly more upmarket, said Patima Jeerapaet, managing director of the property consultant Colliers International Thailand.
Nearly 340,000 square metres of new supply of retail centre space are expected to be completed by the end of 2011. Notable additions expected for the Christmas shopping season include Central Rama IX with nearly 90,000 sq m of space in what many are seeing as an emerging business district.
Terminal 21 at the Asok BTS station will supply 35,000 sq m and hasten the elongation of the main retail thoroughfare from the beginning of Rama I to The Emporium with new developments near the Phrom Phong BTS station.
Community malls are also expected to increase to 700,000 sq m by 2013, compared to 300,000 sq m in 2006.
Occupancy levels and rental rates showed small quarterly gains as the city showed signs of growing confidence and future stability after the elections.
Colliers forecasts by 2013 the total area of community malls will match that of hypermarkets. Mass-transit line extensions and growth of small clustered residential areas in suburbs have altered Bangkokians’ shopping needs.
The take-up rate in all areas in the second quarter gained slightly from the first quarter.
Source: Bangkok Post