At Siam Piwat, Capturing Thailand’s Growing Retail Opportunity

Thailand has emerged as an important growth market for luxury retail in Asia Pacific, supported by rising domestic purchasing power, strong tourism inflows and a central Southeast Asian location that positions it as a key hub for regional expansion.

The country’s retail market size is forecast to reach US$179.9 billion by 2030, up from US $148.7 billion in 2025 (a 3.9 percent CAGR), according to Mordor Intelligence. Mordor Intelligence also reports that the Thai e-commerce market is expected to grow at a CAGR of 17.4 percent from 2025 to 2030.

With Thailand’s rising GDP per capita — which reached $22,000 in 2024, versus a historical average of roughly $15,000 between 1990 and 2024, according to the World Bank — the country also sees a consumer base with a growing disposable income to spend. The country’s ultra-high-net-worth individual (UHNWI) population, whose assets exceed $30 million, is also expected to increase 14.7 percent by 2028, according to a 2024 wealth report by Knight Frank.

Poised to capture this opportunity is retail and development group Siam Piwat — one of Thailand’s leading retail organisations behind the flagship shopping mall Iconsiam in Thonburi, on the west bank of Bangkok’s Chao Phraya River.

Designed to spur riverside economic growth, Iconsiam plays a key role in Thailand’s increasing prominence on the global retail and tourism map. Since opening in November 2018, it has welcomed over 115 million international visitors and houses more than 7,000 shops and 100 restaurants.

Over 50 global and Thai companies have chosen Iconsiam for their first or flagship openings in the country. Highlights include Hermès first duplex in Thailand, Loro Piana’s largest store nationally, Fendi’s latest global retail concept debut in Asia and The North Face’s world-premiere One Box Pro concept — a Thai-inspired immersive store experience spotlighting the brand’s latest products and technologies.

At the 2025 MAPIC Awards — an annual international retail real estate event held in Cannes, that brings together retailers, developers, investors and service providers — Iconsiam was the only project from Asia to feature in the top 3 of the “Most Influential Retail Property Projects of the Past 30 Years” category. It competed with global developments including Dubai Mall, Singapore’s Marina Bay Sands, London’s Battersea Power Station and Westfield London.

At the same MAPIC ceremony, Chadatip Chutrakul, CEO of Siam Piwat, received the “Pioneers of Places Award,” acknowledging her work reshaping the real estate industry over the past three decades, and making her the first Asian recipient of the award.

Under Chutrakul’s leadership, Siam Piwat has gained international recognition for the group’s approach, which includes establishing over 20 subsidiary companies across marketing communications, facility management and retail development.

As Siam Piwat nears its 70th anniversary, The Business of Fashion sits down with Chutrakul to learn more about its mission to support domestic and international businesses, increase its commercial footprint and sustain its position as a globally influential retail property developer.

What is Thailand’s evolving position within the Asia-Pacific luxury and retail landscape?

Thailand has changed significantly over the past five to seven years, and the Covid-19 pandemic marked a real turning point. It moved Thailand from a small but interesting growth market to one that is significant globally — and, more recently, to a leading luxury market in the APAC region.

We have seen luxury brand sales in Thailand grow dramatically: sales across Siam Piwat’s properties have grown at approximately 20 percent annually since 2019. This was driven by strong local spending power. When Thai customers could not travel, they spent locally, revealing the real strength of Thai luxury consumption. Plus, with between 30 and 40 million visitors annually, high-quality luxury and retail experiences continue to be in demand.

Developments such as Siam Paragon and Iconsiam focus on delivering experiential destinations offering an enhanced experience that is more immersive than traditional malls. With one-of-a-kind retail properties and some of Southeast Asia’s largest luxury flagships, Thailand continues to strengthen its presence in the retail landscape.

What are the biggest opportunities for Thailand to strengthen its role as a global retail destination?

Creativity, attention to detail and a willingness to experiment are key strengths. Developers are supporting this creativity by providing platforms for retailers across different categories to grow and scale regionally — and each year, more brands choose to debut in Thailand, reflecting the strength of, and their belief in, the market. For example, Pop Mart recently opened a global flagship at Iconsiam, which achieved record-breaking global sales.

Thailand’s ability to move quickly, adapt and evolve positions the nation well to continue thriving as a leading global retail destination.

Rising demand from affluent locals, an increase in tourists and a growing base of high-net-worth expatriates also continues to create new opportunities. To sufficiently target all demographics, developers are repositioning malls with dedicated luxury zones, flagship formats, fine dining and premium entertainment, reflecting the shift toward experience-led retail.

Another opportunity is the development of major retail destinations outside Bangkok, in locations such as Phuket, where growing tourism arrivals are expanding the size of the market.

What are some of the biggest challenges the Thai retail market faces?

Thailand faces challenges similar to other global retail markets, including macro-economic headwinds, geopolitical uncertainty, weaker domestic growth, tourism volatility and global trade tensions. There is also increasing competition from neighbouring emerging markets such as Vietnam.

However, Thailand’s ability to move quickly, adapt and evolve positions the nation well to continue thriving as a leading global retail destination.

How is Thailand’s rising middle class and shifting consumer preferences influencing your retail mix?

Thai consumers today are more selective, experience-driven and mindful in how they spend. Value is increasingly measured through quality, emotional connection, lifestyle relevance and purpose, rather than status alone. As the middle class expands, many consumers aspire to luxury but tend to begin cautiously. They look for accessible, mass-premium experiences that offer neat design, quality and meaning.

At Siam Piwat, we respond by creating what we describe as “first luxury experiences” which offer aspirational yet approachable experiences that allow customers to engage with premium brands and experiences early. Siam Piwat organised Siam Paragon Bangkok Watch Week 2025, marking the first week of its kind in Southeast Asia. The week provided a platform that allowed brands already present at Siam Paragon to present to new and different types of consumers through best-in-class boutiques.

Thailand’s rising middle class is also showing stronger cultural confidence. Consumers are seeking products and experiences that express Thai identity while meeting global standards of quality and design. This is seen through Siam Piwat-founded incubators such as “Icon Craft” and “Absolute Siam”, which elevate Thai craftsmanship and local brands in a modern, relevant and globally competitive way. Rather than positioning local against global, we curate experiences where Thai identity serves as a point of differentiation and pride.

With Thailand projected to become one of Southeast Asia’s largest UHNWI hubs, how is Siam Piwat adapting its retail strategies to cater to this demographic?

Today’s consumers are increasingly prioritising experiences and experience-based goods over products alone — and high-touch clienteling is a key focus. Ultra-high-net-worth customers are supported through private assistants, personal shoppers, bespoke services and exclusive experiences.

Siam Piwat’s Bangkok shopping mall Siam Paragon introduced the “New Luxury” concept. Spanning five floors, it integrates luxury retail with immersive experiences in food and art. Siam Piwat also hosts events like Siam Paragon Bangkok Watch Week 2025, which brings together more than 30 world-class watch brands through exhibitions, workshops and symposiums — reinforcing Bangkok’s position as a regional hub for luxury timepieces.

These UHNWI-focused initiatives are underpinned by data-driven insights. Through consumer analysis, surveys, partner collaboration and AI-powered tools, Siam Piwat develops precise strategies and curated experiences tailored to each customer segment.

How are digitalisation and omnichannel behaviours reshaping expectations for physical retail environments like Iconsiam?

Retail today is one seamless journey. Customers no longer separate online and offline and instead expect everything to work in tandem before, during and after their visit.

For many customers, the journey starts digitally. They discover brands and events through social platforms and recommendations — often arriving with clear expectations. At Siam Piwat, we engage customers early through targeted storytelling, by engaging key opinion leaders (KOLs) and digital communication so that Iconsiam is a deliberate choice rather than a chance visit.

We enable a seamless “phygital” experience through the One Siam super-app, which connects our members, retailers and partners on one platform. The app integrates membership, digital wallet, rewards, privileges, event information and e-commerce — allowing customers to engage with us anytime. Today, we have around two million highly active members and the platform allows them to shop online, receive in-store promotions, access events and connect directly with tenant stores.

How are you working with global and regional brands to bolster their reach and consumer engagement in Iconsiam?

Rather than acting purely as a landlord, we build long-term partnerships and a shared-value ecosystem that helps our global and regional brands deepen consumer engagement and expand their reach.

For global luxury brands, we collaborate closely to create flagship spaces and immersive experiences that go beyond retail transactions. These spaces are designed to showcase brand heritage, craftsmanship and storytelling, while allowing brands to express their best and most complete identity.

A recent example is luxury eyewear brand Gentle Monster’s Haus Nowhere — a future-facing retail platform, which launched its first Southeast Asia flagship store at Iconsiam. Through close collaboration, including an exclusive collection created specifically for the Thailand market, a coordinated PR strategy, and limited-edition gifts designed, we enhanced the customer experience and built up resonance with the local community around the brand.

What innovations are you most excited about bringing to future developments?

Our ambition is to be a global leader in experiential destinations, designing places that inspire consumers by integrating retail, culture, creativity, sustainability and technology. We want to build new global experience standards that combine these elements.

Nextopia at Siam Paragon, in particular, represents a major step forward for Siam Piwat. It is a 15,000-square-metre space co-created with 50 leading companies in Thailand, focused on sustainability and responsible innovation.

Spaces are designed to showcase brand heritage, craftsmanship and storytelling, while allowing brands to express their best and most complete identity.

Every element — from recycled construction materials to circular-economy retail products, more sustainable food and beverage options, and interactive energy-generating installations — creates meaningful experiences for visitors. For example, customers can walk on kinetic floors to generate electricity, exercise on bicycles that produce energy, and earn “green coins” in their digital wallets that can be redeemed in-store.

Nextopia also embeds inclusivity and community impact: it supports the hiring of people from underprivileged backgrounds and with disabilities, and incorporates art made from waste collected around Thailand, displayed in large-scale installations. Interactive features — such as a six-metre globe that shows NASA satellite data on climate change in real-time — provide educational and immersive experiences that connect sustainability with engagement.

Looking ahead, what are your priorities for expanding Siam Piwat?

Siam Piwat is focusing on collaboration-led growth through our “Co-creation and Collaboration to Win” strategy. We prioritise forging our own position in the market as an experience-driven leader — evolving to meet the changing needs of our global customers.

Expansion for Siam Piwat takes a dual approach: first, we focus on strengthening our preexisting flagship destinations to ensure they remain competitive and world-class. This includes both physical expansion and continuous enhancement of our luxury, dining, fashion and lifestyle offerings. We will continue to develop new concepts — such as Nextopia and curate signature events that are uniquely Siam Piwat (including Bangkok Watch Week) — to provide distinctive experiences that reinforce our leadership in experiential retail.

Second, we pursue selective growth into new markets where we can add meaningful value and create uniquely tailored retail destinations. Phuket is a key market, and we are planning the Icon Phuket mall to deliver a world-class shopping experience for residents and visitors.

Overseas expansion is considered carefully, always with the focus on where our expertise in co-creation, experiential retail and high-touch consumer engagement can have the most impact. This way, Siam Piwat will continue to build long-term, sustainable success and maintain its position at the forefront of global experiential retail.

This is a sponsored feature paid for by Siam Piwat as part of a BoF partnership.