Driven by international brands, Bangkok's retail landscape is thriving and enhancing its global standing. With a retail supply of 9.2 million sqm NLA in 2024, the city competes with heavyweights like Beijing (15.3 million sqm) and Shanghai (16.4 million sqm). It distinguishes itself with a high retail density of 1.0 sqm NLA per capita, surpassing Beijing and Shanghai’s 0.7 sqm NLA per capita. This has made Bangkok a competitive arena for brands eager to secure their place in this highly competitive market.

Figure 1: International leasing activities in prime retail centres within Bangkok’s CBA, 2019 vs. 2024YTD

Source: JLL Thailand Research

Bangkok's retail scene in 2024 highlights the market’s maturity through three distinct leasing stages (Figure 2):

The journey begins with international brands entering the market, utilising social media platforms to shape their entry strategies, which range from pop-ups to flagship stores in prime CBA locations. The first nine months of 2024 have seen nearly double volumes compared to 2019, showcasing confidence in the retail market's revival. During this stage, well-known brands from mass market to bridge line fashion segments have established themselves in the city's prominent retail locations.

This has been the most active phase in 2024, with activity quadrupling compared to 2019. As the customer base grows, brands are racing to build their presence and reputation. Mass-market fashion brands are spearheading this movement, opening multiple branches across the city. At the same time, luxury brands are strategically expanding with several stores in leading malls. These luxury brands offer diverse product lines spanning women's and men's fashion, as well as beauty products, reflecting market sophistication.