After CP AXTRA officially launched “Happitat” at the Bangna Km.7 location on 21 Aug 2024 GMT+7, the retail scene in eastern Bangkok has heated up again, as nearby the mixed-use project “MEGA City” is undergoing its first expansion in 14 years.
Similarly, The Mall Group's Bangkok Mall, a large mixed-use development on over 100 rai, is under construction with a target opening in 2028.
These three projects increasingly illustrate the evolving competition in Thailand's retail business, which has moved beyond simply having larger malls to creating destinations that keep people longer, increase spending, and integrate hotels, offices, residences, food, entertainment, and various experiences.
Looking deeper into Thailand’s retail market reveals that few players have the power to create major landmarks. Behind well-known malls like CentralWorld, Siam Paragon, ICONSIAM, Emporium, EmQuartier, One Bangkok, and retail chains like Lotus’s, Makro, and Happitat, lie stories of business families and groups that have accumulated experience, capital, land, and networks over several decades.
Thairath Money invites you to explore the five major investment groups shaping Thailand's retail business—from their beginnings and signature projects to the new moves changing the retail landscape.
When it comes to the most frequently encountered Thai retail giant, CP Group and the Chearavanont family are hard to overlook. CP's retail empire isn't just built on large malls but spreads across convenience stores like 7-Eleven, wholesale business Makro, and Lotus’s supermarkets, connecting with consumers from daily small purchases to major family shopping.
A key turning point occurred when CP expanded its retail portfolio through Makro and Lotus’s, forming a core business under CP Axtra. Retail development began shifting from mere product sales to spaces integrating food, lifestyle, and experiences. Recently, Happitat in Bangna stands out as CP’s next retail step, positioned as a large lifestyle destination rather than just a retail rental space.
Clearly, CP benefits from having diverse retail businesses under its umbrella—from convenience stores and wholesale to supermarkets and large destinations.
The Chirathivat family began with a small family business before Tiang Chirathivat and Samrit Chirathivat seriously entered the retail world.
In 1947, they started Central Trading, and in 1956 opened Central Department Store at Wang Burapha, then expanded into real estate development through Central Pattana in 1980 and launched Central Plaza Ladprao in 1983.
This marked Central's shift from simply owning malls to creating lifestyle centers, as malls were paired with offices, hotels, and commercial spaces.
From Central Ladprao to CentralWorld, Central Embassy, and a network of shopping centers nationwide, Central's model integrates retail and real estate businesses. The empire continues to grow with new mixed-use projects in central Siam—CenTRal cENtrAL—and developments on Phahonyothin Road under progress.
Central Group builds a nationwide mall network while supporting it with diverse retail businesses to complement each other.
While Central builds large mall networks across Thailand, The Mall Group of the Ampuch family appears to focus on creating premium shopping destinations in high-potential locations and developing differentiated brands for customer segments.
The Mall started in 1981, then stepped up with Emporium in 1997, marking the beginning of developing a “district” rather than just a single mall.
From Emporium to EmQuartier and EmSphere, forming the EM District in central Sukhumvit. Meanwhile, The Mall Group is also a joint venture partner of Siam Paragon with Siam Piwat.
Their next major project is Bangkok Mall at Bangna, over 100 rai, planned as a large mixed-use development with retail, hotel, office, residential, and event spaces. Latest market data indicates the shopping mall is expected to complete in Q4 2027 and fully open in 2028, aiming to create another “city” on Bangkok’s east side.
The Mall Group's mall management strategy involves developing districts and mixed-use projects to increase surrounding land value.
Although Charoen and Wanna Sirivadhanabhakdi’s names may not appear on every mall consumers enter, TCC Group is one of the largest landowners with prime assets. Starting as a small operation in 1960, TCC expanded into multiple sectors including beverages, trade, real estate, finance, and agriculture.
In retail, key moves involve BJC and Big C; in real estate, TCC Assets, AWC, and Frasers Property (Thailand) play crucial roles in large developments. The clearest recent example is One Bangkok, a 104-rai mixed-use project on Rama IV Road, launched in 2024.
Thus, TCC exemplifies a group combining land, real estate, retail, and hotels into a large business ecosystem, especially with major national-scale pushes from AWC.
Key moves.
Their strategy is to leverage multi-asset and multi-business foundations to create long-term value from prime locations.
Finally, Siam Piwat stands out among groups shaping Bangkok’s image through “experiences.” Originating from Bangkok Inter-Continental Hotel Company founded in 1959 by General Chalermchai Charuwat, it began with Siam Intercontinental Hotel and developed Siam Center, which opened in 1973 and is considered Thailand’s first international-standard shopping center. Currently, Chadathip Jutrakul (Charuwat) serves as group CEO.
Siam Piwat's ownership structure differs from others, comprising leading business alliances and financial institutions, including MBK, Pathumpiman, institutional shareholders, the Charoenratchapak and Srivikorn families, financial institutions, major business families, and Chadathip Jutrakul’s family.
From Siam Center to Siam Discovery, Siam Paragon, and co-developing ICONSIAM along the Chao Phraya River, the company plays a key role in creating destinations that attract both Thais and tourists. ICONSIAM is a joint project among Siam Piwat, MQDC, and CP Group.
This group focuses on creating unique destinations, using brands, shops, art, food, and experiences to add value to the spaces.
What’s notable about Thailand’s retail today is that the question isn’t just "which mall is the biggest," but how each group tries to solve the same challenge differently. CP has a retail network from local stores to large destinations; Central builds ecosystems nationwide through malls and retail; The Mall evolves malls into districts; TCC combines land, real estate, hotels, and retail into mixed-use; Siam Piwat focuses on experience-driven destinations that shape the city’s image.
All this unfolds in a market facing challenges in purchasing power and the domestic economy. Large-scale investments thus signify more than expanding retail space—they represent bets on whether a location can generate people, spending, and sustained real estate value. Bangna may increasingly reveal this evolving game.
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