Iconsiam in Thailand will soon host high-end Japanese department store Takashimaya.
Japan’s premium department store Takashimaya will open its new flagship store in Iconsiam, Thailand, which is a 50 billion Baht upscale national landmark project on the Bangkok promenade. In a partnership with Iconsiam, the 185-year-old store signed a 51:49 joint venture agreement on October 21, 2014.
Siam Takashimaya will invest about 3 billion Baht to develop the store, of which 1.8 billion baht will be used for construction and 1.2 billion baht for operations and fitting of the store. Iconsiam was a collaborative effort between Siam Piwat, in partnership with Magnolia Quality Development and Charoen Pokphand Group, and is expected to open in 2017.
Takashimaya was founded in 1831. It now operates 19 department stores in Japan and three in Singapore, Shanghai and Taipei. Its current focus is on China and Asean for expansion. Aside from the the 20 -year-old Takashimaya department store in Singapore, the company also has plans to open a branch in Ho Chi Minh City in 2016, followed by the Iconsiam outlet in Bangkok the next year.
This partnership is expected to strengthen Thai-Japanese trade ties and help Thai products to find their way into the Japanese market through Takashimaya’s distribution network.
Photo Credits: travelintourworld.com