Retail market demonstrating solid signs of improvement

Driven by economic growth and a rebound in tourism, the retail property market has been steadily improving since the fourth quarter of last year, with a prediction that it will return to normal by 2024, according to consultants.

Carlos Martinez, director of research and consultancy at Knight Frank Thailand, said the retail market shows signs of recovery, with the tourism sector playing a crucial role.

“As tourists are big spenders, the growth in categories such as food and beverage, shopping and entertainment is anticipated to continue post-pandemic, with hypermarkets expected to benefit from this trend,” he said.

The retail sector has gradually recovered with occupancy rates and average rents for hypermarket retail venues and shopping malls expected to return to the normal rates recorded before Covid-19 by 2024, Mr Martinez said.

The hypermarket sector is focused…