曼谷零售市场2025年上半年

BangkokRetail Market An overview review of Bangkok’s Retail Market in H1 2025by Knight Frank Thailand H1 2025 knightfrank.co.th/research In 2025, despite pressures from subdued consumerspending, high household debt, and economic andpolitical uncertainties, Bangkok’s shopping centerscontinue to demonstrate strong growth, with total retailstock reaching8 million sq.m.The sector achieved+9% YoY revenue growth in 2024and is expectedto maintain similar momentum in 2025. Key driversinclude the rebound in tourism (35.5 million arrivalsgenerating THB 1.8 trillion), expansion of mixed-use developments, integration of health and beautyservices, omnichannel strategies, tenant partnerships,and robustREIT structures. Together, these factorshighlight the resilience and long-term value creation ofThailand’s shopping center sector. “The resilience of Bangkok’s shopping centers highlightstheir ability to adapt to shifting consumer patterns andeconomic challenges. Supported by tourism recovery,mixed-use expansion, and digital integration, the sectorremains a key driver of growth in Thailand’s commercialproperty market.” Mr. Nattha KahapanaManaging DirectorKnight Frank Thailand Resilient Retail How 6 Strategic Factors Drive Shopping Center SuccessDespite Industry Headwinds In 2025, Thailand’s real estate market faces a perfect storm: weakening consumer spending amid stubborn inflation andhigh household debt, an oversupplied property landscape, and fresh uncertainties-from domestic political tensions toborder-region conflicts and escalating U.S. trade tariffs. Every asset class has felt the squeeze. Yet, defying these pressures,shopping centers across Bangkok and its outskirts are not only weathering the storm but charting a path of expansion.What underpins the robust performance of this subsector? A map showing the locations of shopping center projects throughout Bangkokand its vicinity that are already open and have plans. As of mid-2025, the total retail-mall stock in Bangkok stands at approximatelyeight million square meters. Focusing specifically on the city’s central andinner-suburban districts-the area covered in our study-total mall space reached3.2 million square meters this quarter, representing an addition of 18,000 squaremeters compared with the previous quarter. This increase is due to the launch oftwo new community mall projects: King Square Complex on Rama III Roadand Town Hall in the Phrom Phong area. Supply, Revenue, and RentalRate Adjustments in the ShoppingCenter Sector Overall, despite widespread market pressures, well-positioned shopping centerscontinue to expand their footprint and attract both retailers and consumers,underscoring the sector’s unique ability to navigate a challenging real estateenvironment. Thai Baht (Millions) In 2024, the shopping center group’s revenue and profit grew by approximately9% from the previous year, and in 2025, revenue is expected to grow similarly tothe previous year. Future projects preparing to enter the market are mostly mixed-use projects inthe form of townships, such as the Dusit Central Park project on Rama IV Road,the Cloud 111 project on Sukhumvit Road, the Bangkok Mall project on the cornerof Bangna-Trad Road, and The Forestias project on Bangna-Trad Road. Analysis of the key factors underpinningthe robust growth of Thai shopping malls Thailand’s rebound in international arrivals demonstrates the resilienceand adaptability of its tourism industry.1 Despite a severe downturn duringthe COVID-19 pandemic-with arrivalsplunging from 39.9 million in 2019 tojust 0.43 million in 2021-the sectorhas recovered strongly, welcoming35.5 million visitors in 2024 andgenerating THB 1.8 trillion in revenue.Visa-exemption measures have beencentral to this revival Nevertheless, challenges remain.Safety concerns among Chinesetravelers and intensifying competitionfrom neighboring destinations haveslowed growth in some markets. Futuresuccess will depend on maintaininga balance between open-doorpolicies and regulatory safeguards,continuing infrastructure upgrades,and addressing evolving travelerpreferences. If managed effectively,Thailand’s strategic visa measuresand collaborations will underpinsustainable, long-term growth of itstourism industry, ensuring that it notonly regains pre-pandemic levels butthrives in an increasingly competitiveregional landscape. Adaptive Strategies of Shopping Malls: The Rise of IntegratedMixed-Use Ecosystems Strategic Master Plan Evolution2 Flagship Examples ofIntegrated Development Central Park Silomrepresents asophisticated urban integrationwhere premium retail spaces coexistwith Grade A office towers and luxuryresidential components. The project’sdesign ensures that office workersbecome natural customers for retailoutlets during lunch hours andafter work, while residents provideconsistent foot traffic for services and dining establishments. Central Group’s portfolio exemplifiesthis evolution through severallandmark projects. Cen