Future Park evolving into 'natural-metro' attraction

The interior of the revamped Future Park complex will feature a brighter, more natural look and nearly 12% more selling space.

Rangsit Plaza Co, the operator of Future Park Rangsit, will complete the transformation of the complex into a ''natural-metro shopping park'' next year. Pimpaka Wanglee, the company's CEO, said that as part of its major facelift plan, the company had spent 200 million baht to renovate some zones last year. About 600 million baht will be spent this year and another 100 million next year to continue the programme.

After all of the work is completed, retail space will increase by 11.7% or 60,000 square metres, bringing total retail space to 570,000 sq m. About 10 more new attractions will also be added, both indoors and outdoors.

The new anchors include a 10-rai Forest Park that emulates a tropical rainforest for customers to relax and enjoy recreational activities besides shopping. Also being developed is Alive Park, an outdoor site offering entertainment and innovative activities in natural surroundings.

The new look will be officially unveiled to the public on March 20.

''We've repositioned our shopping complex to be a natural-metro shopping park to bring it in line with the gradual changes in customer behaviour. They are more sophisticated and fashionable,'' Ms Pimpaka said.

The surrounding area of northern Bangkok has also grown dramatically with new housing projects, business premises, and as many as 22 educational institutions, resulting in a significant growth of the customer base that also possesses higher purchasing power.

Apart from the new magnets, Future Park Rangsit has been given a boost from new transport infrastructure including the tollway with access and exit ramps just next to the shopping centre. All of these factors have contributed to the continuous growth in the number of shoppers, by 10% to about 130,000 per day.

As well, the company expects average spending per head will rise by 15-20% from 2,000 baht last year.

Sales of Future Park Rangsit last year were 1.16 billion baht, up 6% from 2006. The company expects its sales this year to increase by 8% to 1.26 billion baht because of additional retail space as well as an increase in rental fees by 7-10%.

Apart from its major facelift, the company will revive Future Park City, a planned multi-purpose project with a convention centre, five-star hotel, office building, residential space and small retail outlets.

As well, it is expanding to manage other poorly performing retail complexes as well as considering acquisitions to expand its business in the long term.

Source: Bangkok Post by Pitsinee Jitpleecheep
Wednesday March 12, 2008