PHUKET – The Central Group currently has the most investments in Phuket after Bangkok. These include 4 shopping malls, 5 department stores, 7 hotels, 3 condominiums, and other group companies, such as Supersports, Power Buy, Thai Watsadu, BNB Home, B2S, OfficeMate, Tops Food Hall, Tops Market, Tops Daily and Tops Vita, said its executive.
Mr. Nattakit Tangpoonsinthana, Executive Vice President of Marketing at Central Pattana Public Company Limited (CPN), revealed that Central Phuket has developed as planned into a shopping mall in line with the city’s development and in line with the government’s strategic plan to make Phuket a “top destination for global jet setters” that attracts high spending power from around the world.
“We opened the Central Phuket Festival in 2004, recognizing the potential and huge spending power of the city. Later, in 2018, we opened Central Phuket Floresta to offer a luxury lifestyle comparable to world-class seaside cities such as the Riviera, Santorini, Miami Beach and Hawaii,” said Mr. Nattakit.
He added that Central Phuket Floresta has been open for six years and has been well received due to its huge spending power, with footfall increasing by more than 30 percent compared to pre-COVID times.
According to The1 database, Central Phuket customers have the highest per capita spend of any Central mall nationwide. This reflects the growth of the luxury market in Thailand, which currently has a market value of 160 billion baht and is growing at 5.62 percent. It is expected to surpass the Singapore market by 2028.
Ms. Wilaiwan Pitimanaree, Senior Director of Phuket Operations at Central Pattana Public Company Limited, said that the purchasing power of the luxury market in Phuket, driven by the tourism sector, is growing significantly. This has prompted Central to invest in expanding the luxury zone fourfold, from 2,000 square meters at the end of 2024 to 4,000 square meters and 8,000 square meters by 2026.
This expansion will accommodate existing brands, which will increase their space, and new brands, whose number will rise from the current 14 to 30, including Balenciaga, Bottega Veneta, Burberry, Christian Louboutin, Dior, Gucci, Hermès, Louis Vuitton, Omega, Pmt the Hour Glass, Saint Laurent, Versace and Zegna.
Three new brands will be added by the end of 2024, including PRADA, which will open in August. The luxury zone will be expanded by moving the brand stores from the second floor to the second floor and opening new super-luxury stores on the second floor.
The traffic volume in the center of Phuket has increased considerably and averages 80,000-100,000 people per day. On the Floresta side, which is a luxury shopping center, about 50,000 people come every day and by the end of this year, traffic will increase by 20 percent after the expansion is completed.
The customers are 30 percent Thai, including those from Bangkok and Phuket, and 70 percent foreigners, such as Russians, Europeans, Middle Easterners, Indians, Chinese and Americans.
“Both tourists and expatriates live and work in Phuket, totaling about 100,000 people. Phuket is becoming a shopping destination outside Bangkok, comparable to the world’s luxury destinations such as London and Singapore,” said Ms. Wilaiwan.
She emphasized that Phuket is the second largest economic contributor after Bangkok. In 2023, Phuket generated 380 billion baht in tourism revenue, and in 2024 it is expected to reach 450 billion baht. By the end of this year, more than 12 million tourists are expected to visit Phuket, making it the second most visited province in the country after Bangkok.
Phuket is considered a “second home” for both Thai and foreign millionaires, who buy pool villas for 100 million baht each. With an infrastructure ready to welcome tourists from all over the world, including the second phase of Phuket Airport expansion to be completed by 2027, and facilities such as hospitals, international schools, marinas, golf courses and private jets, Phuket is becoming a global destination.
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