The Thai Shopping Centres Association said it will invest 100 billion baht to turn Thailand into a regional shopping destination.
The TSCA will invest in developing retail space and lifestyle malls with the idea that it will make Thailand into a major regional shopping destination, the group’s President Wallada Chirativat told reporters Tuesday.
The money will be invested over the next three years and aimed at Russian, Chinese and Vietnamese shoppers.
According to Mr Wallada, the combined members of the TSCA make up 67% of Thailand’s total retail market.
Shopping centre space is forecast to rise to 21 million square metres by 2017, up from 18 million now.
Among the TSCA’s 10 members, shopping centre space is expected to rise to 14 million sq m by 2017, up from 12 million.
Tourism accounts for 12% of Thailand’s GDP. Last year tourism generated $46 billion (1.656 trillion baht) in revenue for the country.