CPN to Invest 2 Billion Baht in Five New Community Malls and 15 Renovations by 2029, Including Market Place Theprak Opening Jan 2025

An ambitious redevelopment plan from a leading Thai property developer outlines a bold push into community malls designed to align with evolving consumer lifestyles. Central Pattana Plc (CPN) is earmarking 2 billion baht to drive growth across five new community malls and the renovation of 15 existing malls during 2025–2029, with Bangkok as the focal expansion hub. A flagship project, Market Place Theprak, will rise on a 15-rai site along Theparak Road between Watcharapol Road and Sukhaphiban 5 Road, and is slated to open by the end of January 2025 to capture consumer activity ahead of the Chinese New Year period. The plan signals a shift toward compact, highly accessible malls that blend a fresh market ambience, everyday services, dining, and experiential spaces into a single, time-efficient community hub.

Market Positioning and Strategic Ambition

CPN’s announcement reflects a recalibration of retail property strategy in response to changing consumer behavior and urban living patterns. The company emphasizes a new “community mall” concept that integrates multiple functions—urban fresh markets, supermarkets, restaurants, a range of services, and vibrant street-food options—to mirror how people actually spend time in local commercial spaces. This is not merely about expanding footprint; it is about reconfiguring the shopper journey to maximize convenience, social interaction, and value in a compact footprint.

A core element of the strategy is to offer operating models that synchronize with residents’ daily rhythms. Operating hours will be flexible, with some centers opening as early as 6am and others closing around midnight, depending on the needs and lifestyles of the surrounding communities. The aim is to support post-work activities such as casual socializing, spontaneous shopping, and quick errands, all within a setting that encourages lingering without feeling like a crowded, generic retail space. The emphasis on public spaces and family-friendly amenities—pet-friendly provisions, playgrounds, and gathering areas—reflects a broader trend toward experiential retail that blends commerce with community life.

The company frames these community malls as compact, convenient, and highly accessible—intentionally placed near homes or workplaces to reduce travel time and increase the likelihood of frequent visits. This aligns with evolving consumer expectations for time efficiency, social interaction, and local convenience. The strategic emphasis on integrating a “market” vibe with the convenience of a modern retail mix aims to create a distinctive identity for each Market Place location while collectively strengthening CPN’s market presence in the community mall segment.

Market Place Theprak: Location, Size, and Concept

Market Place Theprak represents a cornerstone of CP N’s five-mall push and embodies the reimagined community mall concept. The project sits on a 15-rai plot along Theparak Road, positioned between Watcharapol Road and Sukhaphiban 5 Road. It is designed to be more than a shopping destination; it is conceived as a living space that supports daily routines, social interaction, and cultural events. The opening is scheduled for the end of January 2025, timing that coincides with the Chinese New Year travel and shopping surge and aims to capture early-year consumer spending momentum.

Key specifications for Market Place Theprak include a total gross lettable area (GLA) of 5,800 square meters, housing 60 shops that will offer a diverse mix of retail formats—from small-format specialty outlets to service-oriented tenants. In addition, the development includes a dedicated market area of 1,500 square meters with 300 stalls, reinforcing the “urban fresh market” concept within the modern mall framework. The project also features event spaces designed to host fairs and other community activities, underscoring the commitment to create a dynamic venue that can host regular programming and seasonal events.

The surrounding market intelligence underpinning Market Place Theprak is based on the locality’s demographic and urban footprint. The Theprak-Watcharapol corridor is identified as a promising locale due to its substantial catchment. Nearby there are approximately 174,000 residential units and an estimated population of around 400,000 people living in close proximity, which suggests a robust market for frequent, small-format shopping and episodic events. The combination of residential density and a mixed-use approach aligns with CP N’s long-term goal of establishing Market Place as a core brand in its portfolio.

In terms of space allocation, Market Place Theprak will deliver 5,800 sqm of GLA across 60 retail units, complemented by a 1,500 sqm market floor containing 300 stalls. The event spaces will be designed to host a range of fairs, fairs-like programming, and pop-up experiences that can attract foot traffic during evenings, weekends, and holiday periods. The overall concept integrates an urban fresh market with everyday conveniences such as groceries, dining, services, and experiential spaces, creating a holistic shopping and social experience that resonates with time-conscious urban dwellers.

Investment Plan for 2025–2029: Five New Malls and Fifteen Renovations

CPN’s capital allocation for 2025–2029 centers on building five new community malls and executing renovations of 15 existing malls. The total investment dedicated to this strategic initiative amounts to 2 billion baht, underscoring the company’s confidence in the market potential for compact, community-centric retail centers that can adapt quickly to shifting consumer preferences. The investment will cover the costs associated with land acquisition—whether through leasehold or freehold arrangements—and construction. This indicates a substantial commitment to expanding the brand footprint while ensuring the associated facilities meet contemporary standards of design, function, and customer experience.

A core element of the plan is to open one new community mall per year from 2025 through 2029. This measured cadence reflects a strategic balance between expansion pace and the ability to optimize site selection, project design, tenant mix, and operational readiness. The Bangkok metropolitan area is identified as the primary target for expansion, given its high population density, urban mobility patterns, and established demand for convenient local retail formats that blend everyday shopping with social spaces.

Market Place Theprak is one of the five new malls anticipated under this program, illustrating CP N’s intent to anchor the core brand in strategic corridors with strong catchments. The overall investment approach also includes renovating and rebranding 15 existing community malls—14 located in Bangkok and one in Pattaya. The renovations are designed to elevate the customer experience, align the properties with Market Place’s core branding, and enhance the competitiveness of CP N’s portfolio in the rapidly evolving Thai retail market.

The financial and strategic logic behind this program rests on a few key hypotheses. First, modern consumers increasingly favor “time-smart” shopping experiences that deliver value quickly, with clear routes from entry to intended purchase and a high degree of convenience. Second, there is growing demand for public, multi-use spaces that can host events, family activities, and social gatherings—space that feels welcoming, safe, and accessible. Third, a refreshed brand identity and more cohesive customer journey across Market Place locations can increase shopper engagement, frequency, and average basket size. CP N’s plan to target a 10–15% increase in shoppers’ expenditure across renovated locations signals the anticipated uplift from improved design, tenant mix, and experiential programming.

The Renovation and Rebranding Drive: Extending Market Place Across Bangkok and Pattaya

The renovation program comprises 15 existing community malls—14 in Bangkok and one in Pattaya—with the objective of rebranding these centers to align with Market Place’s core brand while enhancing the overall customer experience. This initiative follows the previous renovation of Marche Thonglor, a higher-end project completed last year, which CP N views as a precedent demonstrating the impact of thoughtful design and refreshed positioning on footfall and spend.

Among the specific locations undergoing renovation are J Avenue on Thong Lo Soi 15, La Villa in the Ari neighborhood, and branches in Nang Linchee, Phahonyothin, Krungthep Kreetha, Pracha Uthit, and Kaset-Nawamin. These sites have been selected to maximize the brand’s reach across Bangkok’s diverse districts, balancing catchment density with the opportunity to implement Market Place’s integrated concept. The renovations are not only about cosmetic updates; they involve thoughtful repositioning of tenant mixes, enhancements to common areas, improvements to wayfinding and accessibility, and the introduction of event spaces and market zones to revive shopper engagement.

The overarching aim of these renovations is to establish Market Place as the company’s core brand in the community mall segment. By standardizing key design elements, service offerings, and experiential programming across sites, CP N seeks to create a recognizable yet locally adaptable retail ecosystem. The rebranding effort is intended to deliver a consistent customer experience that reinforces Market Place’s value proposition—combining convenience, community, and leisure into a single, accessible retail hub.

CP N’s approach to renovations emphasizes not only physical upgrades but a holistic repositioning of each mall’s role in the surrounding community. This includes ensuring that the centers remain competitive amid broader retail dynamics, such as the growth of e-commerce, changing consumer expectations for service levels, and the desire for spaces that support social interactions and local culture. The intent is to transform these centers into vibrant, multifunctional venues that attract regular visits and longer dwell times, while maintaining a clear Market Place identity.

The Theprak Development as a Case Study in Fresh-Mood Retail Design

Market Place Theprak embodies the anticipated benefits of CP N’s broader strategy by combining a compact, easily navigable footprint with an extensive mixed-use offering. The project’s 5,800 sqm GLA and 60 shops create a dense tenant mix that can accommodate a broad spectrum of retailers—from essential daily needs to specialty stores and service providers. The 1,500 sqm market floor with 300 stalls supports the fresh market concept, enabling farmers’ market-like experiences and the sale of fresh produce, ready-to-eat options, and artisanal goods. Event spaces designed to host fairs introduce a dynamic element that can drive weekend and seasonal footfall, complementing the everyday shopping routine.

The location along Theparak Road, in close proximity to Watcharapol and Sukhaphiban 5, is intended to maximize accessibility and visibility. The area’s 174,000 residential units and a population of approximately 400,000 residents provide a substantial local market for a mixed-use community hub that blends groceries, dining, services, and social experiences. In designing Market Place Theprak, CP N has emphasized a balanced tenant mix that can sustain high levels of daily activity while also drawing visitors for events and weekend outings.

From a design and operations perspective, Market Place Theprak seeks to optimize visitor flow and dwell time. The layout of the market stalls, the allocation of shop fronts, and the integration of communal spaces are being crafted to create intuitive wayfinding and a comfortable buyer journey. The event spaces are conceived as flexible, adaptable zones that can host seasonal markets, fairs, cultural programs, and promotional events, all of which contribute to a lively, multi-use environment. The overall design language aligns with Market Place’s branding, emphasizing a contemporary, approachable aesthetic that remains sensitive to local culture and neighborhood character.

Operational Model and Customer Experience

A central feature of CP N’s community mall strategy is the emphasis on experiences that fit into customers’ limited time while still offering meaningful social and leisure opportunities. The plan reflects a broader shift in retail toward “time-smart” spaces where shoppers can accomplish multiple activities in a single visit. The flexible operating hours—beginning as early as 6am in some locations and extending to midnight in others—are designed to accommodate varied routines, including early-morning routines, post-work socializing, and weekend family activities. This flexibility serves to maximize the number of touchpoints with shoppers and increase the opportunities for revenue generation across the day.

Public spaces and family-oriented facilities are prioritized in both new and renovated malls. The inclusion of pet-friendly areas, playgrounds, and family gathering spaces speaks to a holistic philosophy: malls as community hubs rather than simple retail destinations. Market Place Theprak and other Market Place centers are expected to provide spaces that support casual gatherings, social interactions, and a sense of community continuity beyond shopping. These features are intended to differentiate CP N’s properties from other shopping centers that may focus more narrowly on retail sales.

In practical terms, these design and operating choices translate into tenant mixes that balance essential daily needs with experiences that encourage longer dwell times. The 60 shops at Market Place Theprak, for instance, will likely include a spectrum of tenants—from convenience and daily necessities to fashion, services, and dining options—creating a one-stop environment where residents can complete multiple tasks in one trip. The 1,500 sqm market area with 300 stalls adds a granularity to the shopping experience that allows for fresh, frequent exchanges and a palpable sense of community market culture.

Economic Impact and Shopper Expenditure Targets

CPN’s renovation and expansion program includes a quantified objective: a 10–15% uplift in shoppers’ expenditure across renovated locations following completion. This target reflects expectations that improved design, better tenant mix, enhanced customer experience, and expanded programming will translate into higher basket sizes and more frequent visits. Achieving this uplift will depend on several interconnected factors, including tenant performance, consumer sentiment, competitive dynamics, and the ability to deliver compelling, frictionless shopping experiences.

The focus on Bangkok for the majority of the renovation and expansion activity signals a recognition of the city’s dense catchments and the strong consumer demand for localized, community-oriented retail formats. The Pattaya addition among the renovated malls serves as a regional extension of the Market Place brand, providing a testbed for lessons learned in Bangkok that can inform future expansion in other urban centers or tourist-driven markets. The integration of a core Market Place brand with localized adaptations is intended to create a scalable, adaptable portfolio that can respond to neighborhood specifics while maintaining a unified brand storytelling.

From the perspective of the local economy, Market Place Theprak and the broader expansion plan are expected to generate direct and indirect benefits. The construction phase will create jobs and demand for materials, while the finished malls are likely to become hubs of daily commerce, social activity, and service industry employment. The presence of a market floor and event spaces can catalyze small businesses, pop-up vendors, and community organizations, contributing to a more vibrant local economy. Moreover, by emphasizing neighborhood proximity and time-efficient experiences, CP N’s strategy could influence surrounding real estate markets, including residential property values and the attractiveness of areas near transit hubs and major corridors.

Market Context: Thai Retail Landscape and the Role of Community Malls

The emphasis on community malls that blend fresh markets, everyday services, and social spaces reflects a broader trend within Thai retail. Shoppers increasingly value proximity, convenience, and experiences that align with their daily routines. Community malls that are easy to access from residential neighborhoods and workplaces can offer a compelling alternative to larger, more crowded shopping centers. By positioning Market Place as a core brand for CP N’s community mall segment, the company seeks to provide a consistent, recognizable experience while allowing flexibility to tailor the tenant mix to local demand conditions.

The company’s recent activity, including the renovation of Marche Thonglor, underscores a strategic belief that modernized, well-curated spaces can revitalize foot traffic and uplift shopper engagement. The Bangkok portfolio—across multiple districts—will benefit from standardized design principles, cohesive branding, and a shared service philosophy that emphasizes convenience, safety, and community immersion. In a retail market where online shopping continues to grow, the importance of physical spaces that offer tangible social value and experiential depth remains substantial. Market Place locations aim to convert foot traffic into regular, repeat visits by delivering consistent value, social experiences, and a sense of belonging to a local neighborhood.

The inclusion of a robust market floor in Market Place Theprak aligns with consumer demand for fresh, high-quality produce and an accessible platform for local vendors. The market is designed to complement traditional retail outlets on the same site, thereby creating a hybrid model that benefits both everyday shopping and weekend market experiences. This dual approach can help attract a wide cross-section of shoppers—from time-pressed families seeking quick groceries to food enthusiasts seeking unique culinary offerings.

Design, Experience, and Tenant Strategy Across Market Place Properties

The Market Place concept emphasizes a cohesive design language and a curated tenant strategy across locations. This involves selecting tenants whose offerings align with the brand’s promise of convenience, community, and value. The market floors and stalls offer opportunities for small and medium-sized vendors to participate in the ecosystem, contributing to the sense of local flavor while benefiting from the traffic generated by the larger retail components.

In addition to the shopping and market components, the event spaces are a critical element that can differentiate Market Place malls from traditional shopping centers. By hosting fairs and community events, these centers can attract visitors beyond typical shopping hours and create recurring reason for people to visit, thereby increasing dwell time and overall spend. The events can also serve as a platform for local culture, education, and community engagement, further embedding the centers within the social fabric of their neighborhoods.

From a design perspective, Market Place projects aim to balance the practical needs of shoppers with a welcoming, open atmosphere. The layout is anticipated to support easy navigation between shops, the market stalls, and the event areas, with clear signage and thoughtful circulation patterns. The mix of dining options and services is designed to keep visitors on-site longer, while the shopping experience remains efficient and enjoyable. The consistent branding across Market Place centers supports cross-location recognition, enabling quick familiarity for shoppers who frequent multiple CP N properties.

Community and Social Impacts: Public Spaces, Pet-Friendly Amenities, and Family-Oriented Spaces

CPN’s community mall initiative places a strong emphasis on public spaces and family-friendly amenities. The strategy recognizes that modern shoppers value not only product availability but also the social and physical environments that support extended dwell times and positive experiences. The inclusion of pet-friendly spaces is particularly noteworthy, signaling a broader shift toward inclusive, multi-generational consumer experiences that accommodate diverse lifestyles. Play areas for children and gathering spots for families reflect an intent to create centers that families view as essential parts of their daily lives, not just places to shop.

The focus on organic food options and fresh markets aligns with heightened consumer interest in health, sustainability, and quality. The 1,500 sqm market component of Market Place Theprak, with 300 stalls, provides an avenue for vendors to offer fresh products, locally produced goods, and specialty items that resonate with health-conscious and quality-seeking shoppers. Such offerings can reinforce a perception of Market Place as more than a conventional mall, positioning it as a community hub that supports healthy living, local agriculture, and small business entrepreneurship.

Additionally, the concept of limited-time engagements—time-efficient shopping combined with post-work relaxation—appeals to urban professionals and young families who seek social spaces without sacrificing convenience. The flexible hours enable centers to align with commuters’ schedules and living patterns, potentially expanding the customer base beyond traditional daytime shoppers. This approach also opens opportunities for nighttime dining, entertainment, and community events, contributing to a vibrant, around-the-clock neighborhood destination.

Land Use, Acquisition Strategy, and the Financial Framework

A critical component of CP N’s expansion plan is how land is acquired and developed. The investment framework contemplates land acquisition costs—whether through leasehold or freehold arrangements—as part of the total 2 billion baht budget for five new malls and renovations of 15 existing properties. The approach to land acquisition underscores the importance of securing suitable sites in high-potential corridors while balancing project viability, regulatory considerations, and speed-to-market.

The program’s operational cadence—one new community mall per year from 2025 to 2029—requires careful site selection and project management to ensure each development meets anticipated timelines and performance metrics. The Bangkok-centric focus reflects the market’s density, demand patterns, and consumer behavior dynamics, while the Pattaya renovation adds a regional diversification that tests Market Place’s adaptability to different urban contexts and visitor profiles.

Market Place Theprak’s development within this framework demonstrates how a single project can embody core strategic principles: a mixed-use, compact footprint; strong market and community components; a flexible operational model; and a branding approach designed to scale across locations. The project illustrates how CP N intends to translate macro-market trends into tangible, neighborhood-level outcomes, leveraging urban density, demographic potential, and consumer appetite for integrated experiences.

Operational Readiness and Market Readiness

In preparing for the rollout of Market Place Theprak and the broader expansion, CP N emphasizes readiness across several domains. Site feasibility, robust tenant pipelines, and efficient construction management are essential to hitting project timelines, maintaining quality, and delivering the intended customer experience. Operational readiness also involves optimizing supply chain logistics, tenant coordination, and marketing activation strategies to drive awareness, visitation, and trial at new locations.

The renovated sites, including J Avenue Thong Lo 15, La Villa Ari, and other Bangkok locations as well as the Pattaya project, are expected to benefit from improved customer journeys and stronger brand equity. The renovations offer the opportunity to recalibrate price positioning, service standards, and the overall shopping experience to match Market Place’s core concept while being responsive to local preferences and variations.

CPN’s strategy also entails a clear emphasis on future-proofing properties against evolving consumer trends, such as the demand for flexible event spaces, enhanced digital integrations, and a frictionless shopping experience that blends online and offline channels. The company’s approach to tenant mix optimization—balancing essential daily needs with discretionary and experiential offerings—will be crucial to sustaining shopper engagement and achieving the targeted uplift in expenditure.

Conclusion

Central Pattana Plc’s ambitious plan for 2025–2029 signals a pronounced shift in how Thai retail property developers approach community malls. With a 2 billion baht investment spanning five new malls and fifteen renovations, the company intends to redefine the local market by creating compact, accessible, and experience-rich community hubs. Market Place Theprak, positioned on a 15-rai site between Watcharapol and Sukhaphiban 5, stands as a flagship example of the new concept—a hybrid space that blends an urban fresh market, supermarket, diverse services, restaurants, and a 1,500 sqm market floor with 300 stalls, all designed to foster social interaction and regular community use. The project’s opening by the end of January 2025 aligns with Chinese New Year activity, underscoring the strategic timing of market penetration for key consumer moments.

Renovation and rebranding across 15 existing community malls, including sites in Bangkok and Pattaya, reflect CP N’s intent to elevate the entire Market Place brand—driving a 10–15% uplift in shopper expenditure and strengthening customer experience to remain competitive in a dynamic retail landscape. The flexible hours, emphasis on public spaces, family-friendly amenities, and pet-friendly features position Market Place centers as modern, urban-aligned community anchors that blend practical retail with social and cultural vitality. By anchoring growth in Bangkok while testing formats through Pattaya, CP N aims to build a scalable, resilient portfolio that can adapt to shifting consumer preferences and urban development patterns, ensuring Market Place remains a core driver of value for both shoppers and investors in the years ahead.