Recent Milestones for ICONSIAM's Small Businesses Show Community Support Key for Post-Pandemic Recovery

Retail destination's small business owners show 313% sales growth and break into international markets, following pandemic relief measures and reopening of Thailand to international tourism.

NEW YORK and BANGKOK, Aug. 28, 2023 /PRNewswire/ -- ICONSIAM, a global landmark along the Chao Phraya River in Thailand and a joint venture of the Siam Piwat Group, Charoen Pokphand Group, and Magnolia Quality Development Corporation, is announcing significant year-on-year growth in foot traffic and sales in early 2023, particularly in SOOKSIAM, its dedicated business zone for Thai-owned small businesses.

According to S&P Global Market Intelligence, Thailand's gradual reopening of borders in 2022 began an economic rebound that is accelerating — with 3.5% expected GDP growth in 2023 — mainly driven by international tourism. As further evidence of recovery, for Q1 2023, there was 94% YoY growth in ICONSIAM's foot traffic, and SOOKSIAM's sales grew by 313%.

This remarkable recovery post-pandemic demonstrates the industriousness of Thai entrepreneurs and the success of ICONSIAM's model of community support — termed 'co-creation and shared value'.

The social responsibility behind the luxury

As an award-winning luxury mall, ICONSIAM has led the charge in 'co-creating shared value' — through implementing principles of social responsibility in business practices and driving the business toward sustainability. This commitment is rooted in ICONSIAM's fundamental principle of fostering a business that benefits people, communities, society, the environment, Thailand, and the world.

To achieve this, ICONSIAM empowers local communities while serving as a platform to showcase Thai traditions on the international stage, combining the best of Thailand with the best of the world.

"In today's world, the core values and principles of many luxury destinations aren't apparent. We believe that ours are, and from the start we have made Thai culture and our communities a priority," remarked Mr. Supoj Chaiwatsirikul, Managing Director of ICONSIAM Co., Ltd. "With SOOKSIAM recovering after the pandemic, we are thrilled to see this approach proving successful, but more so we are deeply proud of the entrepreneurial spirit and resilience of the Thai people."

Upon opening in 2018, ICONSIAM dedicated 30% of its space to Thai-owned small businesses. A major part of this dedicated space, SOOKSIAM is positioned on the ground floor as a symbolic cultural foundation and is designed in the fashion of a traditional cultural market, offering Thai street food, local dishes, crafts, and entertainment. It also offers Thai vendors prime access to international audiences while ensuring all 77 Thai provinces are represented through active recruiting efforts.

The company also provides an abundance of resources and engaged support, including for marketing, advertising, public relations, branding, and financial management.

A path to international success

Thanks to ICONSIAM and the Siam Piwat Group's continuous efforts to help stabilize tenants and local communities during the pandemic, several SOOKSIAM entrepreneurs were recently able to expand their business overseas. These success stories include: 

• Loong Ngern from Chiang Mai, founder of Clay-Pot Coffee: Opened franchises in various countries, including Mainland China, Indonesia and Malaysia
• Muang Pathum, founder of Kuay Tiew Rua (Boat Noodles): Entered a franchise agreement with a business in Mainland China
• Job General: Hand-made woolen products from Phasi Charoen in Bangkok are being marketed in Taiwan

About ICONSIAM

Located on the Chao Phraya River in Bangkok, ICONSIAM is a global landmark and a major force in strengthening Bangkok's position as one of the world's most desirable destinations.  This mega city project includes two glamorous retail complexes, two world-class waterfront residential condominium buildings and the 'Seven Wonders at ICONSIAM'.

ICONSIAM combines the best of the world with the best of what Thailand has to offer, bringing together, art, culture, global luxury lifestyle pursuits, fine dining, ultra-luxury residences, and the ultimate shopping experience into a single destination. Developed by Siam Piwat group, Magnolia Quality Development Corporation, and Charoen Pokphand Group, it opened in 2018 and has since been driven by the core values of 'co-creation and shared value for sustainability' — creating value for all stakeholders through mutual business growth.

To learn more about ICONSIAM, please visit: https://www.iconsiam.com/en

Press Contact

Ms. Sakao Praditsuwan (Dao)
[email protected]
+66 092-282-6769

Ms. Nattaporn Puengsin (Ying)
[email protected]
+66 099-469-2414

SOURCE ICONSIAM