centralwOrld unveils its plan to develop a new ‘Urban Lifestyle’ destination after Isetan lease to expire at end of year; aims to join hands with international partners to create new experience and continue to increase revenue
Central Pattana Plc. (CPN), the operator of Central World, has made a progress according to its plan to develop the ultimate ‘Urban Lifestyle’ destination, covering six floors and with a total space of 27,000 m2, following Central World’s major renovation plan, after Isetan lease will be expired in December 2020. CPN will join hands with many new international partners to elevate a shopping experience in Ratchaprasong, at the heart of Bangkok, to a whole new level in order to meet the changing lifestyles of Thai shoppers and tourists from around the world. The renovation is expected to be completed and the new ‘Urban Lifestyle’ destination will be launched in 2021.
Ms. Wallaya Chirathivat, Deputy Chief Executive Officer of CPN, said: “Isetan Department Store has always been a great partner of Central World from the very first day. It has been a great 30 years in which two companies represented a Thai shopping center and a Japanese department store as ‘co-creation’ destination. On behalf of Central World, I would like to express my sincere gratitude to the side-by-side friendship that Isetan has always been sharing with us in creating happiness for Thais and tourists at every opportunity and in every situation.”
“For our future plan upon the expiry of Isetan lease in December 2020, Central World will conduct a major refurbishment with this area, which is in line with the overall renovation plan of the shopping center. The renovation project will cover a total space of 27,000 m2 covering six floors in order to enhance the ability to generate revenue for the shopping center by maximizing the use of space and highlighting itself as a ‘Global Lifestyle Destination’. We are currently working on new international partners and negotiating with international key anchors, and we will announce the results as soon as possible. These new partners will help complement the new shopping experience and lifestyle for Ratchaprasong in the heart of Bangkok to make it more vibrant than ever to meet the changing lifestyles of consumers,” Ms. Wallaya added.
“The area will be closed during the major renovations and will open again around Q3 of 2021. The refurbishment will not affect Central World’s revenue as Isetan lease was a long-term agreement paid in full since the building was known as World Trade Center. CPN, which later came in to operate Central World, is not aware of the amount of rental income for this space.
Regarding Isetan’s stores and restaurants, such as the authentic Japanese restaurants, the concept will be remained and most of the restaurants will open again. New stores and services will be added to meet the needs of loyal customers who appreciate the authentic Japanese lifestyle and cuisine as well. Customers are still welcome to visit Isetan department store from today until 31 August 2020,” Ms. Wallaya said.