THAILAND. King Power International plans to unveil two major duty free store projects in Bangkok at a cost of THB3 billion (US$87 million) , the company has confirmed to The Moodie Davitt Report.
The dual developments, first revealed by the Bangkok Post, reflect the retailer’s long-term confidence in the fast-recovering Thai travel retail sector.
King Power International Chief Executive Aiyawatt Srivaddhanaprabha confirmed the two ventures, one at Bangkok Suvarnabhumi Airport’s Satellite Building, the other downtown. The latter will open in late 2024 or early 2025, he told The Moodie Davitt Report, saying location details are still under wraps.
According to the Bangkok Post, which reported on the unveiling of the projects during a townhall meeting hosted by Aiyawat, the downtown store will be designed for a 50,000-customer capacity per day. It will be the retailer’s third downtown store in the Thai capital. The combined projects will cover some 10,000sq m of commercial space.
Thailand’s accelerating tourism recovery was underlined in February, when as reported, Airports of Thailand posted a +390% year-on-year surge in concession revenues to THB1,834.78 million (US$54.3 million), which it attributed to the increase in duty free, food & beverage and other commercial revenues.
Aiyawatt said the company has restructured this year into eight core businesses from its previous four. They embrace travel retail, retail, dining, hospitality, consumer products, travel experiences, sports and Corporate Social Responsibility.