Lertwit Bhumipitak, the Deputy Managing Director in Business Development of Central Retail Cooperation Co., Ltd, a company administering Central Festival Phuket, said that the company would spend approximately 500 million baht to renovate the department store on the occasion of its 6th year anniversary. After the renovation, Central Festival Phuket would be more modern and provide more variety of goods and services to the customers. He added that this renovation aimed to gain more foreign customers.
He explained that the company itself would spend 350 million baht, while its partners spend another 150 million baht in renovation. The main project was to expand the area from 40,000 square meters to 53,000 square meters by opening the 4th floor of the department. On this floor, there would be around 30 fashion and beauty shops opened to be the new alternatives for the department store’s customers.
Lertwit said the renovation would help the department store be ready for 2015, the opening of Asian Economic Community that would lead to increasing numbers of tourists and investors coming to the island. In the beginning of 2010, the company had expanded the foreign customer base from 30% to 40% and it would be expanded to 50% in 3-5 years in the future. He said that foreign customers’ purchasing power was 3 times more than Thai customers.
Finally, he said that the renovation would be completed in February 2011. He expected 25% more customers or 10,000-15,000 customers a day. The expected turnover would be 15% more than the existing rate which was 1,500-2,000 baht per customer per receipt. In 2011, the company would spend more 25% on advertising and expected the annual income at 5,000 million baht or 15% growth.