The Mall Group, one of Thailand's biggest retail developers, has adopted a global partnership strategy to expand its customer base amid tough competition.
Supaluck Umpujh, the company's chairwoman, said a key strategy is sustainable long-term growth.
"Amid disruptive technology, the company is always seeking the way forward in Thailand's retail battlefield," Ms Supaluck said. "One important strategy is to talk with top people like Jack Ma, the Alibaba founder and owner of Gucci luxury products, as well as billionaires from Dubai to learn how they think, battle obstacles and find inspiration.
"I always look for the winning formula in response to sea changes. In globalisation, we can't stand alone. If we can't beat them, join them. Moreover, we have to think big and never give up, and we have to leverage technology with humanity."
As part of the global partnership strategy, The Mall Group recently teamed up with Matsuya Co, a Japanese luxury department store, in a cross-promotion.
Voralak Tulaphorn, the group's chief marketing officer, said customers who hold an M card will be entitled to privileges at the Matsuya complex in Ginza, a Tokyo shopping district, while Matsuya customers are eligible for reciprocal privileges at The Mall.
With this strategy, the group can draw more Japanese tourists, Ms Voralak said.
"We have a cross-promotion with Matsuya because Japan is one of the most popular tourist destinations for Thai shoppers, while Thailand is a popular destination for Japanese shoppers," she said.
Yukio Imai, senior operating officer of Matsuya Co, said the company has witnessed a growing number of tourists from Thailand.
Thai tourists rank sixth in volume, trailing visitors from South Korea, Taiwan, China, Hong Kong and the US.
"Thai tourist volume has rapidly increased year-on-year," Mr Imai said.
"In 2015, the number of Thais visiting Japan grew by 21% to 796,700 people, with the figures increasing by 13.1% in 2016, 9.5% in 2017 and 14.7% in 2018."
He said the number of Thai tourists to Japan exceeded 1 million by April this year.
Mr Imai said 74.8% of Thais want to visit Japan again, compared with 70.1% of Taiwanese, 61.2% of Hongkongers and 60.3% of Chinese.
Some Thais visit Japan up to nine times a year, he said.
Moreover, duty-free sales to Thai customers ranked No.2 in April for the first time after typically ranking fourth or fifth.
Thai sales account for 3% of the duty-free sales amount.
Some 78% of sales to Thais are of popular luxury items such as Louis Vuitton or Bao Bao bags, women's clothes and international brands. Nearly 22% consist of women's accessories, cosmetics, household goods, men's clothes and other categories.
Matsuya Ginza, founded in 1869, is the oldest department store in the district. Matsuya had corporate sales of 25 billion baht in its fiscal year ended on March 31, including 6 billion baht in tax-refund sales.
"Thai customers are very important to us," Mr Imai said. "Chinese and Thai tourists are the two largest customer groups visiting our stores. The growth rate of Chinese tourists visiting our stores slightly increased, while the number of Thai tourists grew by at least 10% year-on-year."
Thai tourists in general spend more than 42,000 baht, which is high relative to spending by shoppers from Indonesia, the Philippines and Western countries, he said.
In related news, The Mall Group recently set up a partnership with Siam Commercial Bank and Visa International Thailand to launch SCB M Visa, a platform combining digital banking and lifestyle shopping.
