Why Bangkok has dodged the retail apocalypse – luxury shopping CEO on keeping malls fresh and offering experiences

The most talked-about trend in retail last year? Store and mall closures, if you listened to the grim news from the US and the UK. The so-called “retail apocalypse” was a constant refrain, blamed on online shopping or millennials’ desire to enjoy experiences rather than things.

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It’s a different story, however, in countries such as Thailand. You only have to spend a day in the bustling centre of Bangkok to see that bricks-and-mortar retail is not just alive and well, but thriving. From the never-ending stretch of interconnected malls along the city’s crowded skywalk to the construction sites everywhere, it’s a rosier picture than that of the “dead malls” of the US.

The latest and most high-profile development on Bangkok’s retail scene was the opening of Central Embassy last year. The luxury lifestyle mall is part of Central Group, one of the Thailand’s largest retail and real-estate developers, owner of shopping centres including Central World and Zen.

Founded more than 70 years ago by a Hainanese immigrant to Thailand, Tiang Chirathivat, the company has expanded across the country and overseas, and is still helmed by the patriarch’s descendants.

Overseeing the brand’s retail portfolio is chief executive officer Yuwadee Chirathivat, who is also in charge of prestigious department stores such as La Rinascente in Italy, Illum in Denmark and KaDeWe in Germany, which were all acquired by Central Group.

A firm believer in the power of bricks and mortar, Yuwadee has been working at the family firm since the early 1980s.