A new mall in Pattaya is scheduled to open in 2018, with Khon Kaen also in the pipeline, costing between Bt5 billion and Bt6 billion for each project, company president Prasert Sriuranpong said.

The company’s current shopping-centre project, Terminal 21 Korat, is reaching its final construction stage and will be ready to open in December as planned. The new seven-storey shopping complex promises to serve as a high-potential retail platform for tenants and bring a brand-new shopping experience to consumers from across the Northeastern region with its unique “Market Street” concept.

The complex occupies 200,000 square metres of retail space and cost about Bt6 billion. About 90 per cent of the retail space of Terminal 21 Korat is already leased.

“Retailing is a geographically based business. Therefore, we pay a lot of attention to where we go,” Prasert said.

“It’s our practice that before we roll out any new project at any location, we conduct extensive research to study consumers’ behaviour and lifestyles and to gain insights into that particular market group in order to provide the best possible product offerings that best meet the needs of each local market.”

Prasert said the company was still focused on Thailand, as it believes this market still has a lot of potential and room for growth.

“We want to expand within the country first, bringing the new shopping experience to all Thais,” he said.

The company currently operates only one Terminal 21 complex, at Asoke Intersection in downtown Bangkok.

“We chose Nakhon Ratchasima as the second location for a Terminal 21 complex. Nakhon Ratchasima is a highly attractive province for investment, as a major northeastern province with high economic growth potential and a huge population of 2.62 million, second only to Bangkok.”

He said the province had the highest gross domestic product in the Northeast at Bt172.35 billion, and many of its people had high purchasing power, as seen from the average annual income per head of Bt96,690 in 2013.

“Its urban consumers are very close to Bangkok consumers when it comes to purchasing power, shopping behaviour and lifestyle. The province is also the top tourist destination in the Northeast, with more than 5 million tourists each year,” Prasert said.