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Follow on Google News | Bangkok Retail Market Report Year End 2010The retail market in Bangkok remained resilient in 2010 against the backdrop of the troubles in April and May, according the latest report from the Colliers International Thailand.
The big story for 2010 was the sale of Carrefour’s hypermarkets to Big C, another hypermarket chain. This will create something approaching a duopoly and the high price recorded for the sale reflects the new reality for the retail sector in Bangkok’s urban area, contends Antony Picon, Senior Manager for Research at Colliers. “Impending legislation restricting large scale retail development in the centre of the city will lead to existing retail centres having a premium attached to them”, he said. Mr Picon believes that the Carrefour episode is unlikely to be last. “Developers are likely to scramble for these increasingly prized assets”, he added. Future supply for 2011 is expected to be just shy of 300,000 sq m based on current projections. However one of the key stories over the next few years is the renovation of existing centres. Mr Picon referred to the total difference in design of retail centres now and those that are decades old. “Modern centres have designs that entice people to move up its levels by allowing them to see what is above, where older centres just have straight forward ceilings that block the views of the uppers floors”, he explained. Mr Picon pointed out that older retail centres need to be refurbished in order to maintain their customer base. “When a new centre is placed alongside a much older one the difference in appeal can be stark, so developers have no choice but to upgrade in order to remain competitive” For more information please contact Colliers International Thailand Antony Picon Senior Manager | Research T: 662 656 7000 E: antony.picon@ Surachet Kongcheep Manager | Research T: 662 656 7000 E: surachet.kongcheep@ # # # Colliers International Thailand - Experienced Real Estate Property Consultants in Thailand- was established through combining the resources of the global real estate services firm Colliers International, and Pasupat Realty Co.Ltd. End
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