Siam Piwat Simon, a joint venture between global retail leaders Simon® and Siam Piwat, has announced the expansion of "Siam Premium Outlets" to Phuket, Thailand. The new center is set to open in 2026, aiming to boost the local economy and tourism sector by attracting both local and international visitors.
Key Takeaways
- New Location: The second "Siam Premium Outlets" will be located in central Phuket.
- Opening Date: Expected to open in 2026.
- Economic Impact: Aims to boost local economy and tourism.
- Target Audience: Both local and international visitors.
Background
Siam Piwat Simon is a collaboration between Simon®, a real estate investment trust specializing in premier shopping, dining, entertainment, and mixed-use destinations, and Siam Piwat, a leading retail developer in Thailand. The joint venture has already seen success with the launch of "Siam Premium Outlets Bangkok" in 2020, which features over 300 brands including luxury labels and popular designer brands.
Success of Siam Premium Outlets Bangkok
The Bangkok outlet, strategically located near Suvarnabhumi International Airport, has become a key shopping destination in Thailand. It has attracted both Thai and international customers, boasting a 100% occupancy rate and significant revenue growth in 2023.
Why Phuket?
Phuket is the second most popular tourist destination in Thailand, attracting over 15 million tourists annually. The island’s robust purchasing power is highlighted by its numerous retail outlets, including 14 malls and 19 hypermarkets. The new outlet aims to cater to this influx of tourists, including locals and long-term expatriates known for their strong spending habits.
Strategic Location
The new outlet will be centrally located in Phuket, designed to support the city’s growth in all directions. Phuket’s well-connected transportation networks, including extensive roadways and public transit, make it an ideal location. The island’s airport accommodates up to 20 million passengers annually, and the upcoming Andaman International Airport in Phang Nga province will further enhance its global tourism appeal.
Unique Concept
The upcoming Siam Premium Outlets Phuket will be developed with a unique concept tailored specifically for the island. This will address current demands and support Phuket’s growth over the next decade. The project has already attracted interest from existing tenants of the Bangkok outlet as well as new prospective tenants.
Conclusion
Siam Piwat Simon’s expansion to Phuket marks a significant milestone for Thailand’s retail and tourism sectors. With their global expertise and experience, the new outlet is set to create an unprecedented shopping and tourism experience, contributing to the growth of the Thai economy.
Sources
- Bangkok Post – Siam Premium Outlets Expands to Phuket by 2026, Bangkok Post.
- Siam Premium Outlets Expands to Phuket, Targets Tourist Market, Khaosod English.
