Leading Thai real estate and retail developer the Siam Piwat Group and the Hyundai Department Store, the largest department store chain developer in South Korea, have signed a memorandum of understanding (MoU).

The MoU seeks to promote new retail business opportunities and develop destination projects on an international scale.

As the nexus of the Thai retail industry, Siam Piwat Group operates and owns Siam Paragon, Siam Center and Siam Discovery, and is a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok.

The collaboration with the Hyundai Department Store presents an opportunity to support Thai entrepreneurs in showcasing their products to international markets, as well as encouraging Korean small and medium-sized enterprises to find market opportunities abroad.

The companies are also establishing the “K-Content Specialty Place” in Thailand – a shopping experience centred around Korean culture including K-pop, K-food and K-fashion, to cater to both Thai customers and foreign tourists.

Hyundai Department Store president Jung Jee Young commented: ‘This is the first time a Korean department store has outsourced the operation of a part of a store in a famous overseas shopping mall. This collaboration also presents a significant opportunity to showcase the potential of K-Culture, a highly popular trend in Thailand.”

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Siam Piwat’s president of corporate affairs and communications director Mayuree Chaipromprasith added: “This collaboration aligns seamlessly with Siam Piwat’s ‘Co-create and Collaborate to Win’ strategy. We prioritise partnering with leading and robust global business entities and consolidating remarkable potential to propel business growth.’

The Siam Piwat Group has previously partnered with the PARCO Shopping Complex in Japan, TAIPEI 101 in Taiwan and the ION Orchard department store in Singapore. These collaborations promote Thailand’s tourism sector and wider economy across the Asia Pacific region.

GlobalData analysis confirms that investing in destination appeal by premium/luxury department store retailers continues to attract shoppers, outperforming the market compared with midmarket players.