Community malls were expected to proliferate Bangkok, and while the space they occupy comes second only to department stores, a number are failing.
In its latest research, Colliers International Thailand noted that retail space in Bangkok has grown over the past several years, with community malls contributing almost 315,000 sqm of new space from 2012 until the end of June this year, according to the real estate firm.
“Although the growth rate of community mall space is smaller than that of department stores, it is catching up,” the agency noted in a statement.
But it added words of caution.
“Community malls might be high in number, but many projects are not successful as some operators do not understand the retail market and lack public relations skills. Although the projects are well-designed they can become uninteresting after a while,” it reported.