Mall Group keen on healthy competition
Achara Umpujh, executive vice-president of The Mall Group Co Ltd, said consumers are more cautious with their spending due to concerns about the sluggish economy.
All stakeholders in the retail sector must work together to address this issue and restore consumer confidence, she said.
"The economy is slowing, but we need to look ahead. One day it will recover," said Ms Achara.
Amid global trade uncertainties including rising tariffs by the US, she said foreign brands are increasingly seeking new markets.
"In Thailand, I expect to see brands from various countries, not just China, entering the retail sector," said Ms Achara.
This will intensify competition for Thai product manufacturers. In a challenging business climate, some local brands may struggle or potentially exit the market, paving the way for foreign brands to seize opportunities, she said.
Ms Achara said Thailand's lack of R&D in product innovation hinders the country's competitiveness on the global stage.
She called for enhanced collaboration among all stakeholders to improve Thai products and bolster their global competitiveness.
"As Thai brands, we must fight. Competition will push us to improve," said Ms Achara.
For retail operators, this situation could be advantageous. By attracting international brands to the Thai market, the overall industry could become more dynamic and competitive, she said.
Regarding the decline in Chinese tourist arrivals of over 30% year-on-year in the first half of the year, Ms Achara said this has affected foot traffic in the company's malls.
However, she suggested the Thai tourism industry adapt by introducing new travel experiences, such as attractions in second-tier cities, rather than focusing only on the well-known destinations.
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