The Mall Group Co, the operator of The Mall, Emporium, Paragon and EmQuartier shopping complex, has revised its store refurbishment plan because of the pandemic.
Voralak Tulaphorn, the company's chief marketing officer, said the company is considering raising its investment budget for its five-year plan (2019-23) by 15-20% or 3-4 billion baht from the 20 billion baht planned earlier to refurbish all of The Mall's existing shopping complexes.
Of the total 23-24 billion baht, 5 billion baht has already been spent to overhaul The Mall Ngamwongwan and 3 billion baht was used to revamp The Mall Tha Phra branch. The remaining 15-16 billion baht will be used to overhaul The Mall branches in Bang Kapi and The Mall Korat next year.
"We have to revise our strategy because the five-year plan was designed before the pandemic. Now, the situation and trading conditions have completely changed," said Ms Voralak.
"The budget increase is needed for new facilities and digital software to fit consumers' changing behaviour due to the pandemic. Tenants' shop design and size would also be revised,'' she said.
Supawut Chaiprasitkul, the company's vice president for Supermarket & Food, said tenants have to adapt to changes in consumer behaviour, investment plans and quickly adjust themselves to cope with the pandemic.
All The Mall branches will come under the "Lifestore'' concept by late 2023, he said.
Jakkrit Keeratichokchaikun, the company's chief executive for trading, said The Mall Lifestore Tha Phra will officially launch on Dec 2 this year.
It will be the second lifestore, following the firm's five-year strategy roadmap that continues from the success of the transformation of The Mall Lifestore on Ngam Wong Wan Road.
"The Mall Lifestore Tha Phra will become the latest modern mall landmark of the Thon Buri area, which will be the ultimate solution to every customer's lifestyle needs. This will raise the status of retail and economy in the Thon Buri or West Bangkok area,'' Mr Jakkrit said.
According to Mr Jakkrit, the transformation of The Mall Lifestore Tha Phra will be the largest renovation in 32 years, since the opening of the first The Mall property in 1989. The firm has invested around 3 billion baht to renovate and transform the entire mall.
The Mall Lifestore Tha Phra, with a space of 150,000 square meters, is designed with the concept of "Urban Playground", which creates an area for entertainment and happiness for every lifestyle and family member. Customers will be exposed to the new aesthetics of a seamless shopping experience.
The firm expects The Mall Lifestore Tha Phra to attract 15 million visitors per year, up 30% from the period before the renovation.
