Siam Piwat Exceeds 2023 First Quarter Targets, Achieving Phenomenal Success at No.1


- Siam Piwat Group generates a 27% increase in total revenue in the first quarter of 2023 compared to the same period in 2022.

- Series of Iconic world-class events delivering exceptional experiences attract a significant 70 percent increase in traffic compared to the same period in 2022.

- The success underlines the achievement of being the top developer of top-of-mind "global landmark destinations" among Thai and international visitors.

- Siam Piwat secured first place from several accolades, amplifying its top-of-mind branding.

Siam Piwat, a leading real estate and retail developer, the owner and operator of world-class destinations - Siam Paragon, Siam Center, and Siam Discovery, and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok, has reported remarkable success in the first quarter of 2023, with a striking growth in the group's operating results.

Siam Piwat generated a revenue growth of over 27% in the first quarter of 2023 compared to the same period in 2022, underscoring its success as a global landmark destination developer. Its four shopping centers experienced a 70% increase in footfall, compared to the same period last year, attracting tourists from around the globe and boosting the Thai tourism industry by generating substantial revenue. In addition, Siam Piwat has earned numerous first-place awards, reflecting the trust and confidence that the group’s destinations have secured in being the top choice among Thai and international visitors.

Saruntorn Asaves, Head of the Shopping Center Business at Siam Piwat Co., Ltd., said, "Siam Piwat has achieved tremendous success at the start of 2023, with our revenue in the first quarter surpassing the same period in 2022 by over 27%. The continuous growth of both Thai and international tourists, coupled with Siam Piwat's strategy of being a platform for global luxury names and Thai entrepreneurs to offer exceptional experiences to their target customers, have contributed to the tremendous success. This has resulted in a positive reception of all types of luxury products,”

“This underscores Siam Paragon and ICONSIAM as the most comprehensive luxury brand destinations, offering the most completed range of leading luxury brands, including fashion, accessories, watches, and high-end jewelry in Thailand. It highlights the leadership of these destinations with the highest purchasing power customer base in the country.”

“Furthermore, Siam Piwat consistently delivers experiences beyond expectations by partnering with globally renowned brands to co-create world-class events, which are first of their kind in Asia. For instance, Siam Paragon and ICONSIAM have been selected as venues for hosting several high-profile events since the beginning of this year. Notably, LOUIS VUITTON recently showcased their "Dancing Pumpkin" installation, which showcased limitless creativity and was exhibited at Siam Paragon and ICONSIAM. This event synchronized with similar events taking place in prominent locations and top tourist destinations across the world, such as Tokyo, Paris, and London, and marked the first full-scale event of this nature held in Asia.”

“The exhibition "BAO BAO VOICE" organized by BAO BAO ISSEY MIYAKE at Siam Discovery is another prime instance of their capacity as a dominant player in providing an unparalleled deluxe encounter for everyone, known as "Luxury for All." It also highlights the trust that prestigious brands place in Siam Piwat, which endeavors to establish Thailand as a prominent player in the luxury market at par with the global benchmarks.”

“Siam Piwat has a global collaboration with Paramount Consumer Products to introduce the famous Nickelodeon character, SpongeBob SquarePants, loved by fans worldwide and considered a top-notch brand launching the first extensive promotional effort of its kind in Thailand. The campaign was carried out at Siam Paragon, Siam Center, and Siam Discovery, welcoming visitors and travelers from all over the world during the summer.”

During the initial quarter of this year, Siam Piwat persistently launched novel attractions. Siam Discovery introduced the True 5G PRO HUB, an innovative realm for the new generation, offering an area for creativity, exploration, and personal growth for future competencies, without any boundaries, catering to the three lifestyles of the upcoming generation - Gamer & E-Sports, Gen Z Lifestyle, and Future Skills.

Simultaneously, Siam Discovery has been constantly generating buzz with its well-known branded products. For instance, the pre-order launch of the renowned CARLYN bag from Korea set a record with all items being fully booked within 11 minutes. Given the product's popularity among many customers following the pre-order opening, the brand decided to open its first pop-up boutique in Thailand at Siam Discovery.

Siam Center recently initiated an engaging campaign with its intended audience, teaming up with TikTok to organize "The Fashhh Battle." The campaign provided people of all genders and ages with an opportunity to showcase their fresh ideas, creativity, and expertise, giving them a platform to shine. These creations were broadcast on TikTok, garnering more than 26 million views and active participation from viewers in the campaign.

Since the beginning of the year, Siam Piwat has received numerous accolades. Most recently, it secured the top spot in the "2023 Thailand's Most Admired Brand & Why We Buy?" survey conducted by BrandAge magazine. Siam Paragon was awarded the first prize for being the most trusted shopping center in Thailand, while ICONSIAM received the third prize.

Additionally, Siam Paragon was honored with the "Best Brand Performance on Social Media" award in the department store and shopping center business category at the Thailand Social Awards, hosted by Wisesight (Thailand) Co., Ltd. ICONSIAM also received recognition as a finalist for being one of the top five brands that performed exceptionally well on social media. This is proof of the trust and confidence that Siam Piwat has earned and enables the group to consistently secure the top spot in the hearts of not only Thai people but also people across the globe.

According to Supoj Chaiwatsirikul, Managing Director of ICONSIAM Co., Ltd., the year 2023 marks the fifth anniversary of ICONSIAM and the company has been experiencing significant growth since the subsidence of the COVID-19 pandemic. In the first quarter of 2023, ICONSIAM witnessed a remarkable increase of over 40% in sales and 94% in traffic, thanks to the increasing number of Thai customers, especially those with high purchasing power residing in Thonburi and nearby provinces, who are returning customers.

“Besides, there has been an increase in the number of foreign tourists visiting Thailand, with many considering and pinning ICONSIAM as a global landmark destination. This has been further confirmed by Grab Thailand, which recently announced the use of ride-hailing services via the Grab application for foreign tourists. ICONSIAM has been ranked as the top tourist attraction in Bangkok and the most favorite destination among foreigners.”

He said, “Since the start of the year, ICONSIAM has formed a national synergy of efforts and achieved a historic collaboration with the government, private sector, and local communities along the Chao Phraya River to create a large-scale, world-class event to promote the historical significance of the river as a national iconic landmark and a prestigious global destination.”

ICONSIAM has recently collaborated with partners to launch an extraordinary event with the opening of "Van Gogh Alive Bangkok," the largest digital immersive art exhibition in Southeast Asia and the first of its kind in Thailand. The exhibition has captivated over 8.5 million visitors in 80 cities globally, including Beijing, Berlin, Denver, London, Madrid, Moscow, Rome, Sydney, Frankfurt, Nagoya, and Kuala Lumpur.

"The Iconic Songkran Festival 2023" played an important role in continuing the Songkran tradition along the Chao Phraya River, making it the only place in Thailand where Songkran is celebrated by the river and supporting its bid to be recognized as UNESCO’s intangible cultural heritage. The festival also reinforced the Chao Phraya River's status as a world-class landmark.

This year's "ICONSIAM Eternal Prosperity Chinese New Year" celebration at ICONSIAM was a resounding success and marked the beginning of the Year of the Golden Rabbit with grandeur.

Another significant attraction of ICONSIAM is SOOKSIAM, a Thai-style city of happiness and fun, which continues to draw in visitors. It recently hosted the "Amazing Thai Fruit Paradise" event, showcasing fruits from the four regions of Thailand.

“All of these activities are popular among Thai tourists and attract a significant number of visitors from all over the world to ICONSIAM,” said the ICONSIAM’s managing director.

These achievements are a testament to the trust and confidence that consumers have placed in the shopping centers operated by Siam Piwat, which is known for its creative leadership and dedication to providing top-notch experiences for customers. Furthermore, these accomplishments contribute to promoting Thailand as a top tourist destination, boosting the country's image and reputation worldwide, and supporting the Thai economy by attracting significant amounts of revenue into the country.