Retail/Central Phuket

Editorial staff

Central Phuket will extend retail space of Floresta zone and renovate Festival zone to be same level of CentralWorld.

Nattakit Tangpoonsinthana, chief marketing officer of SET-listed Central Pattana Plc, the country's leading retail and developer, said that Central Phuket has invested 1 billion baht to cater to high-spending customers by expanding the Floresta Zone from GFA 180,000 sqm to 200,000 square metres.

Number of luxury and bridge-line brands will increase to 25 brands up from 16 currently, making it Thailand’s only luxury mall outside Bangkok with the most comprehensive collection of luxury brands.

The expansion of its luxury zone is to meet the growing demand of high-spending customers and affluent international tourists also positions Central Phuket as a key puzzle piece in making Phuket "The World’s Luxury Destination," on par with other global luxury destinations such as Hawaii, Monaco, Santorini, and Miami.

These destinations share common attributes with Phuket, including stunning beaches, world-class tourism infrastructure, luxury accommodations, high-end lifestyle activities, and, most importantly, luxury shopping and unique lifestyle experiences.

This expansion supports the growth of Thailand’s luxury market, valued at over US$ 5 billion, with an annual growth forecast of 6.15% until 2028—outpacing markets like Singapore.

“The Thai luxury market, driven primarily by fashion and social media influences, is thriving despite global slowdowns. Advertising spend by luxury brands in Thailand grew by 214% in first half of the year 2024, the highest in Asia, and global brands are increasingly appointing Thai KOLs as brand ambassadors, reflecting their influence on young consumers," said Mr Nattakit.

Phuket’s economy and tourism sector continue to thrive. In 2024, Phuket's tourism revenue is projected to reach 500 billion baht, marking a 28% growth from 2023's 388 billion baht, with a 16% (YoY) increase in tourist arrivals. Phuket enjoys a year-round high season, with the highest spending per tourist in Thailand, averaging 34,336 baht per visitor.

Phuket also boasts the highest gross provincial product (GPP) per capita in Southern Thailand and ranks 12th nationwide. Its GDP growth in 2024 is expected to approach 20%, outperforming the national average.

Wilaiporn Pitimanaaree, regional general manager - PKT & PK1 CPN-Asset Group 1, added that Central Phuket currently hosts 15 luxury brands such as Balenciaga, Bottega Veneta, Burberry, Bulgari, Celine, Dior, Gucci, Hermès, Louis Vuitton, Omega, PMT The Hour Glass, Prada, Saint Laurent, Tiffany & Co., Versace, and Zegna. Celine shop will open next month.

The company plans to spend one billion baht to renovate Central Phuket’s Festival zone to be the same level of CentralWorld next year. It is expected to complete its store make over within two years.

Currently, its average daily traffic was 80,000 and expects to rise by 25% to 100,000 once the expansion is completed, the total of which 70% being international visitors. The top five nationalities are Russians, Chinese, Americans, Singaporeans, and Hong Kongers.