Thailand's luxury sector thrives as One Bangkok draws global shoppers

Thailand's luxury market is on the brink of a major transformation, with the opening of One Bangkok, a $3.2 billion development that promises to elevate the country's position as a key player in the global luxury retail scene.

One Bangkok, developed by TCC Assets Thailand and Frasers Property, is among the country’s largest real estate projects, Caliber.Az reports via foreign media.

Spanning from the Sathon and Silom business districts to Rama IV Road, One Bangkok introduces Thailand’s first high-street-style row of duplex luxury boutiques called The Parade. The district's three retail zones—The Parade, The Storeys, and Post 1928—opened on October 25 with a lavish ceremony attended by over 10,000 guests, including performances by international artists and Thai superstar “PP” Krit Amnuaydechkorn, who is also a brand ambassador for Balenciaga. When fully completed in 2026, One Bangkok will include three shopping centers, five office towers, five hotels, and three residential towers.

“This mega project has created the first luxury shopping boulevard with over 20 street-facing facades, catering to everyone from premium to tier-one luxury brands,” said Joe Chan, retail leasing manager at One Bangkok, noting that brands are increasingly looking to expand beyond traditional city malls. Among the first retailers to open are the multi-brand luxury boutique Club 21, which offers high-end labels like JW Anderson, Jacquemus, Moncler, and Comme des Garçons, alongside mono-brands for Thai names like Jim Thompson and Ravipa, China’s Urban Revivo, and Swatch. Six months ago, One Bangkok’s executives revealed that over 80 per cent of the total retail space had already been leased, although they declined to disclose the full list of brands signed on for future openings. 

With projects like One Bangkok, Thailand is strengthening its position as a leading luxury market in the region. Euromonitor International predicts that the Thai personal luxury goods market will reach 83.8 billion Thai baht ($2.4 billion) this year, growing at a compound annual growth rate (CAGR) of 9 per cent through 2029, when it is expected to reach 128 billion Thai baht ($3.6 billion). While international tourists are a key driver of Bangkok's luxury boom, there has also been substantial growth in domestic demand, particularly from affluent Thais and expatriates working for multinational companies in the city. Thailand’s ultra-high-net-worth individual (UHNWI) population—those with assets exceeding $30 million— is also projected to grow significantly. 

By Naila Huseynova