Shopping malls in Chiang Mai has seen tremendous investment over the past few years with big malls like Promenada Resort Mall opening earlier this year and the 7 billion baht Central Festival Chiang Mai due open November 14, 2013. Between these two malls there has seen investment of 10 billion baht with 320,000 sqm in Chiang Mai.
These two malls have both seen local businesses invest and increased investment in Chiang Mai. The Central Group’s “Central Airport. Plaza “ covers 175,185 sqm and had a total investment of 3 billion baht. Kad Suan Kaew covers an area of 290,000 sqm and invested over 5 billion baht. Chiang Mai now has more community malls than most provinces in Thailand and is the biggest market regionally as within the next year it will have more than 1 million sqm in malls.
The soon to be opened Central Festival Chiang Mai located on the 2nd ring road.
A survey by ECC International Real Estate Development and Management Company Limited, a leading national department store of The Netherlands, stated that Chiang Mai continues to grow with around 3 million people or 11,000 families. People from the country are moving to the city to work and the needs of these families continues to grow.
According to reports, retail business grew 250% from 2001-2010, but the shopping areas had not kept pace with that growth.
In addition to outside investors local investors such as the V Group under Mr. Watchara Tuntranont, the One Stop Service Developer, and also the director of the Business Park is growing. They have invested 2 billion baht for the new Platinum Fashion Mall in Chiang Mai which is on 9 rai of land in the Chiang Mai Business Park opposite Airport Plaza. This will be not only the biggest place for wholesale and retail fashion but also the largest IT center and will provide parking for 1500 cars. Completion is expected within a year.
The 20 year old Kad Suan Kaew recently announced planned renovations that will open up 70,000 sqm to support more retail space.
The Vanusnan Group by Mr. Chadchan Ekachaipatanakul, MD of V Development Co., Ltd. And President of Chiang Mai Vanusnan Co., Ltd, has just built a community mall at the second ring road, beside Payap University under the brand “V Community” There is a condominium and shopping mall of 3 rai.
The Rimping Group by Tantranont Family has also expanded with branches in the Promenada Resort Shopping Mall, Star Avenue Lifestyle Mall, Chayayon Community Mall and a branch in the yet to be completed Maya shopping mall.
The Nim Sii Seng Group has invested in Nim City Daily under the name “Old Chiang Mai Project”, acultural and Lanna style of shopping mall of more than 200 million baht.
Planned retail projects include the renovation of the Amari Hotel at the Rincome intersection to become the “Landscape Plaza” a garden style mall and across the street the Think Park Art Community on 5 rai is adding a condo to the shopping complex there.
Chiang Mai is becoming more and more a retail city to cover the needs of the growing developments, city planning has not kept pace with this growth and time will tell how the direction of management will go.