Siam Piwat partners with Hyundai Department Store to forge global retail collaboration phenomenon

Bangkok, February 21, 2024 – Reinforcing its success in establishing a borderless global business ecosystem, Siam Piwat Group, Thailand’s leading real estate and retail developer, the owner and operator of Siam Paragon, Siam Center, and Siam Discovery, and a joint venture partner of ICONSIAM, ICS, and Siam Premium Outlets Bangkok, has recently unveiled a significant collaboration. Partnering with Hyundai Department Store, the largest department store chain developer in South Korea, both entities have joined forces by signing a memorandum of understanding (MOU), aiming to elevate and revolutionize the future of retail. This collaboration seeks to perfectly synergize exceptional benefits, offering exclusive experiences and services to members of both parties. With a shared objective of cultivating and promoting new business opportunities on an international scale, the partnership is geared towards the development of world-class destination projects.

Mrs. Mayuree Chaipromprasith, President - Corporate Affairs and Communications, Siam Piwat Co., Ltd., remarked, "This collaboration aligns seamlessly with Siam Piwat's business principles, which revolves around the 'Co-create & Collaboration to Win' strategy. We prioritize fostering a constructive ecosystem continuously by partnering with leading and robust global business entities and consolidating remarkable potential to propel business growth in innovative and boundless ways. We are dedicated to consistently creating phenomena and delivering novel experiences to people. This reinforces our position as the foremost global destination developer, cherished by people worldwide for our numerous successful and widely acclaimed projects."

Mr. Jung Jee Young, President, Hyundai Department Store, expressed, "With a shared commitment to excellence, we have partnered with the Siam Piwat Group, renowned for its global destination shopping centers that have long captured the hearts of tourists. Together, we aim to offer superior benefits and elevate the customer experience. This collaboration also presents a significant opportunity to break down market boundaries and showcase the potential of K-Culture, a highly popular trend in Thailand. Therefore, it is a good opportunity for Thai people with a valuable chance to experience it firsthand. It also encourages small and medium-sized Korean brands to have the market opportunity to abroad. Consequently, it fosters a positive impact on the business of both parties. Moreover, this collaboration will contribute to the enhancement of tourism and the strengthening of Thai-Korean cultural bonds, while also aiding in reaching and expanding into new target demographics more effectively than ever before."

The collaboration with Hyundai Department Store enables the creation of a more complete ecosystem by leveraging the strengths of both businesses towards a shared objective. This partnership enhances the overall experience for a diverse range of customers, offering exceptional benefits to members of ONESIAM and Hyundai Department Store. This collaboration aims to entice shoppers by offering diverse special privileges at shopping centers and stores as well as stores within the alliance network. It seeks to leave a lasting impression, providing customers from both parties with a unique and superior lifestyle experience. Consequently, shopping centers within the Siam Piwat Group will emerge as the top choice for South Korean travelers visiting Thailand. Similarly, Hyundai Department Store will become the premier shopping destination for Thai tourists exploring South Korea.

Given the robust potential of both renowned retail enterprises, evidenced by the significant usage of their services and the substantial spending of customers, they have decided to collaborate and enhance the retail business by actively participating in presenting leading brands and exclusive items across shopping centers. Additionally, this collaboration presents an opportunity to support Thai entrepreneurs in showcasing their creative products to international markets, propelling local heroes to global prominence as well as encouraging small and medium-sized Korean brands to have the market opportunity abroad. This partnership will yield boundless success and drive the business towards sustainability. 

In addition, both entities are committed to creating opportunities and fostering business growth by delivering a diverse range of new experiences and exclusives at the ‘K-Content Specialty place’, a collection of recently popular K-food, K-pop, K-webtoons, K-fashion, and more., offering a shopping experience and fulfilling the demands of modern consumers, which is to forge a new attractive magnet that caters to both Thai customers and foreign tourists, Emphasizing the importance of the Global Destination project that always won the people's hearts.

Siam Piwat Group has successfully reinforced its Global Ecosystem by forging partnerships with world-class multinational retail giants. These include PARCO Shopping Complex in Japan, TAIPEI 101 in Taiwan; Republic of China, Hong Kong Times Square, ION Orchard Department Store in Singapore, Pavilion Kuala Lumpur in Malaysia and Plaza Indonesia in Indonesia, which is a diverse business group encompassing shopping centers. These strategic partnerships connect and extend extraordinary benefits to visitors and entice shoppers from retail alliance members across various countries to visit and shop at Siam Piwat Group shopping centers. Moreover, these collaborations contribute to enhancing the shopping and lifestyle experiences for both Chinese and global tourists, facilitated by platforms such as Alipay, Klook, and Trip.com. This not only promotes the tourism sector but also bolsters the Thai economy as a whole.

Through the collaboration with Hyundai Department Store, Siam Piwat not only strengthens the business ecosystem and elevates the retail business to an international level but also reinforces its crucial mission as a leader in creativity. Siam Piwat remains dedicated to continuously creating new phenomena and delivering experiences that exceed expectations, ensuring a lasting impact on people's lives.