King Power to roll out two duty-free projects
Company allocates B3bn for investment
King Power Group announced the launch of two more duty-free store projects with a combined investment of more than 3 billion baht, in line with the reopening of the country.
Chief executive Aiyawatt Srivaddhanaprabha said the new duty-free projects align with the group’s business plan for 2023.
The two mega projects, with a combined commercial area of 10,000 square metres, comprise King Power Duty-Free at Suvarnabhumi airport’s Satellite Building, along with King Power Downtown Duty-Free in the central business district.
The company did not disclose timelines with regards to construction or operations.
“The new duty-free stores are expected to fully support the country’s reopening,” said Mr Aiyawatt.
Mr Aiyawatt said collaboration and the unity of employees at all levels had been crucial since the pandemic broke out in driving the business forward. This led the company to coin the phrase “We are more powerful than I”, which was then developed into a branding concept on the power of possibility.
Mr Aiyawatt said King Power aims to create new experiences for global travellers. The branch at Suvarnabhumi airport’s Satellite Building can accommodate up to 151,000 passengers per day, while the downtown store has been designed to serve around 50,000 tourists per day.
He said the group wants to propel Thai businesses into a new global arena through its 4E strategy — enable, encourage, explore and empower.
Enable refers to leveraging new digital technology and culture to provide innovative services. Encourage refers to fostering innovative thinking among employees and business partners. Explore refers to delivering new possibilities in terms of travel experiences and consumer lifestyles. While empower refers to inspiring people to live their everyday lives more exceptionally than before.
“We aim to be more than just a dutyfree product group through our 4E strategy,” he said.
Mr Aiyawatt said King Power has restructured its organisation this year to become a multi-business corporation, expanding from its four previous core businesses to eight. They comprise travel retail, retail, dining, hospitality, consumer products, travel experiences, sports and corporate social responsibility.
Last year King Power renovated its store at Suvarnabhumi airport. The group also launched King Power Mahanakhon under the concept of “The Mahanakhon of Lives”.