Malls are thriving thanks to the nation’s favourite past time of shopping.
There is no doubt that Thais like to shop ’til they drop. There are shopping malls littered all over Bangkok with some sitting right next to each other especially at the Siam interchange of the BTS. Frequented by many and packed at the weekend despite many being home to exactly the same brand names. And there does not appear to be any slowdown for the love of them yet. This is according to real estate firm Colliers.
Shopping malls account for the biggest growing category of property so far this year. However this may not be surprising as this is calculated on an area size basis and Bangkok’s malls aren’t exactly on the small side. Regardless of this, they are fully occupied suggesting that there is a real demand for them.
Bangkok’s shopping malls are mega structures in their own right. In fact it has been reported that one of the capital’s most popular shopping malls uses double the amount of electricity than Mae Hong Son province which is home to a quarter of a million people. Open 12 hours a day, seven days a week, they are brightly lit and air conditioned to the max driving up electricity consumption.
Community malls
Aside from the traditional shopping malls there are community malls too. Springing up across the buzzing metropolis these are much smaller than their counterparts. Community malls tend to house a variety of shops on a smaller scale with those visiting able to park amongst the mall. The purpose is to provide the convenience of shopping for those living within its vicinity.
Community malls are also more open thus there are more green as air conditioning is not required for the communal areas. They do however have a tougher time in the market. Home to smaller brands and independent shops which are easily influenced by the state of the economy. Therefore the recent economical downtown has meant that some community malls have not been the resounding success they hoped that they would be.
This is one sector of Bangkok’s property market to keep an eye on. Shopping is likely to remain one of the Kingdom’s favourite activities so many developers are sure to respond and cash in on this love.