Rangsit Plaza woos suitors for project

       Rangsit Plaza Co, the operator of Future Park Rangsit shopping centre, is suspending its own developments such as a community mall and is seeking investors for commercial projects near its main mall.
       The decision to temporarily stop developing a community mall worth more than 1 billion baht was due mainly to the economic downturn but also to doubts about the potential of community malls, said vice-president Jittinan Wanglee.
       "Though community malls are increasingly popular as one prospective retail segment to expand during the weak economy, there are both investors becoming successful and failing in the market," she said.
       The company is currently in talks with two or three prospective investors in entertainment and retail businesses for developing projects in a 700-rai plot surrounding Future Park Rangsit.
       The completed project, to be developed step by step, would be known as Future City. The Wanglee family's Pipatanasin Co owns 800 rai of the area,of which 108 rai have been developed into the Future Park Rangsit shopping complex. Another 150 rai house major retail operators including Index Living Mall, Home Pro and Major Cineplex.
       Future Park Rangsit provides many products and services but lacks sports facilities, entertainment complexes or playgrounds, said Ms Jittinan. The company's research has found that such services are also unavailable in the Rangsit area.
       The company has completed a 1-billion-baht renovation of its shopping centre this year, she said. Next year the company will focus on increasing customers' convenience and will spend 300 million baht on marketing its shopping complex, she added.
       To celebrate the 14th anniversary of Future Park Rangsit this year, the company plans to spend 20 million baht on a marketing campaign called "Future Park 14th Anniversary Grand Splendour" from Sept 25 to Oct 4 with discounts and free mini-concerts.
       The company expects the event to attract 10% more customers and to increase sales by 20% at the centre's shops.
       Sales at Rangsit Plaza Co grew by 5% in the first eight months. The company aims for its sales to reach 1.5 billion baht by the year-end, about 5-8% higher than last year.