Takashimaya, a 185-year-old Japanese department store chain, founded in 1831 which now operates 19 department stores in Japan and 3 in Singapore, Shanghai and Taipei. Takashimaya will open its first branch in Thailand in Iconsiam, a premium shopping-cum-residential project on the Chao Phraya River. The iconsiam project estimated to be complete by 2017.
Iconsiam Company was formed by Siam Piwat Company in partnership with Magnolia Quality Development Corp and Charoen Pokphand Group to develop the national landmark project on Charoen Nakhon Road.
Accordingly, Koji Suzuki, chairman of Takashimaya Co, “We would like to participate in uniting of social value and creating a new lifestyle to any society we have entered. We would deliver great and significant values to local consumers. Suzuki also said that Thailand showed great potential for the long term as it displayed strong sustainable economy and rising personal incomes. Suzuki said Iconsiam was one of the biggest investment projects by the private sector. It was also an important landmark on the bank of the Chao Phraya River”.
Takashimaya had signed of a 51:49 joint-venture agreement with Iconsiam Co. Siam Takashimaya was set up with Bt1.2 billion in registered capital, would invest about Bt3 billion to develop the Takashimaya department store, of which Bt1.8 billion would be for construction and Bt1.2 billion for all operations and the fitting out of the store.
According to chairwoman of Iconsiam Co, Miss Pasinee Limatibul, “The joint venture with Takashimaya would accomplish the company's promise to make Iconsiam a place where the best of the world meets the best of Thailand and it would create another revolution in Thailand's retail scene." Takashimaya ranked as one of Japan's most prestigious department-store operators, which selects only the most prime locations for its new stores.
Yutaka Yamaguchi, managing director of the Thai project for Takashimaya, has said that the company is looking forward the feasibility of launching more stores in Thailand in the future. He confidently add that the Iconsiam's location will be a globally significant landmark that will attract millions of visitors annually from around the region and the world. There will be a great selection of products that are exclusively available at this location as well as products that have been specifically designed for the needs of Thai and regional shoppers. This partnership will also strengthen Thai-Japanese commercial ties and help Thai products to find a market in Japan through Takashimaya's distribution network.
Source: Kwanchai Rungfapaisarn