Platinum Group sees gold in Chinese tourism
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Mall company The Platinum Group is banking on Chinese tourism to support a retail shopping centre it plans to open next year.
With a wholesale fashion mall in Bangkok that attracts about 15 million people annually, the group is investing about THB6 billion (US$180 million) in the project, says president Chanchai Phansopha.
“We want to transform the company from an operator of a wholesale fashion mall into a commercial property developer,” he says. The Bangkok project is part of a wider, THB11-billion investment plan that will also add hotel and office space over five years.
Thailand last year had nearly 9 million Chinese visitors who spent an above-average $176 a head daily.
Chanchai says he foresees double-digit growth in sales and profit, with the new mall, The Market, expected to boost revenue at least 30 per cent in 2019.
Questions & Answers
Q.What is The Platinum Group's long-term investment strategy beyond this new mall?
What is The Platinum Group's long-term investment strategy beyond this new mall?
The Bangkok shopping centre is part of a larger THB11-billion investment plan. This wider strategy includes adding hotel and office space over the next five years, indicating a diversification into other commercial properties.
Q.What is the primary financial goal Platinum Group expects to achieve with the new shopping centre?
What is the primary financial goal Platinum Group expects to achieve with the new shopping centre?
President Chanchai Phansopha anticipates the new mall, The Market, will significantly boost revenue. He expects it to increase revenue by at least 30 per cent in 2019, alongside forecasting double-digit growth in overall sales and profit.
Q.How much is Platinum Group investing in this specific shopping centre project?
How much is Platinum Group investing in this specific shopping centre project?
The Platinum Group is investing approximately THB6 billion in the new retail shopping centre project. This investment is aimed at transforming the company and capitalising on Chinese tourism in the region.
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