-- Signs joint venture agreement to set up new global landmark store with investment of Bht 3,000 million

-- Aims to make Bangkok 'Retail Capital of Asia'

BANGKOK, Oct. 21, 2014 /PRNewswire/ -- Premium Japanese department store 'Takashimaya', together with ICONSIAM Co., Ltd., the developer of the Bht 50-billion riverside national landmark 'ICONSIAM', today signed a joint venture agreement to set up the first Takashimaya department store in Thailand at ICONSIAM as the national landmark's retail anchor.

The new Takashimaya, to be built with a total investment of Bht 3,000 million - of which Bht 1,800 million is the building construction value - is expected to generate a wave of excitement because of its many new offerings for consumers in Thailand. It is also expected to be a major new tourism draw in Bangkok that will attract visitors from around the region who are familiar with the Takashimaya brand's promise to provide one of the widest and most exclusive selections of products.

Mrs. Pasinee Limatibul, Chairman of ICONSIAM Co., Ltd., said, "Our joint venture with Takashimaya will help fulfill our promise to make ICONSIAM a place where the best of the world meets the best of Thailand. Takashimaya selects only the primest locations for its new stores and establishing a new, global landmark store at ICONSIAM further strengthens ICONSIAM's position as a new landmark location for Bangkok."

Mr. Yutaka Yamaguchi, Managing Director of Thailand's project, Takashimaya Co., Ltd., said, "Our new store in Bangkok will be a sensation. We know that ICONSIAM's location will attract millions of visitors annually from around the region, and the world. We aim to complement that with one of the strongest supply chains in this sector to offer consumers a host of 'first-time-in-Thailand' Japanese and international brands. There will be a great selection of products that will be exclusively available at this location.

"We look forward to working closely with Thai manufacturers, suppliers and service providers as well as distributors of Thai products to create an exciting new retail experience that brings together an extraordinary and complete range of products."

He said that Takashimaya is studying plans for the potential opening of more stores in Thailand in the future.

Mr. Narong Chearavanont, Vice Chairman of ICONSIAM Co., Ltd. said, "Our goal is to help make Bangkok the Retail Capital of Asia. This important investment in Thailand by a top Japanese department store operator is a sign of confidence in the strength of the domestic economy. The joint venture enhances Thai-Japanese commercial relations and will also help Thai products find markets in Japan through Takashimaya's distribution system."

Established more than 180 years ago, Takashimaya is one of Japan's most admired department store operators, with 22 stores in operation.

Mr. Yutaka said, "Thailand is an important destination for Takashimaya because Thai per capita income is reaching a level that will create a rapidly expanding customer base of people who both seek and can afford the type of quality products we offer."

Takashimaya at ICONSIAM opens in 2017 with a gross floor area of around 36,000 square metres spread over seven floors, carrying a full line of luxury brands, cosmetics, ladies' wear, ladies' accessories, men's wear and accessories, lifestyle products, as well as premium food and beverage offerings.

Takashimaya's group sales were in excess of US$ 9,000 million (approximately Bht 300,000 million) in 2013.

For further information:
Iconsiam Co., Ltd.: S.Niyomsen -- Tel: +662-658 1000 ext.2260
Bangkok Public Relations Ltd.: P.Kwantientong -- Tel: +662-664 9500 ext.115

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SOURCE Siam Piwat Co., Ltd.