A Thai landmark just made global retail history. ICONSIAM has reached a remarkable milestone. The mall secured its spot among the world’s top three ‘Most Influential Retail Property Projects of the Past 30 Years’ at the prestigious MAPIC Awards 2025. The recognition came at the annual event in Cannes, France, which celebrates retail developments that have revolutionized the industry over three decades.
ICONSIAM mall stands out as the only project from Thailand—and the entire Asian region—to reach the final round among Spain’s Puerto Venecia and the United Kingdom’s Westfield London. The Bangkok mall has collected 53 prestigious international and local awards in the last seven years since opening. These accolades include Best Shopping Center at the MAPIC Awards 2019.
This landmark’s influence reaches way beyond its architectural presence. The development has sparked more than 60 new projects within a one-kilometer radius. It has tripled riverfront land values and created over 400,000 jobs. The ‘ICONSIAM Model’ has become a blueprint for green urban transformation. This model integrates infrastructure, culture, and community growth throughout the region.
ICONSIAM wins top 3 spot at MAPIC Awards 2025
Thailand’s landmark development ICONSIAM received remarkable recognition at the prestigious MAPIC Awards 2025 ceremony in Cannes, France. The project secured its spot among the “Top Three Most Influential Retail Property Projects of the Past 30 Years.” It shared this honor with Spain’s Puerto Venecia and UK’s Westfield London.
What is the MAPIC Awards and why it matters
MAPIC stands as the world’s leading retail real estate industry event that takes place in Cannes each year. More than 4,000 participants from 75+ countries come together at this influential platform. Investors, developers, retail brand executives, and industry experts meet to share their viewpoints about the latest trends in retail and real estate sectors.
Since 1996, people know the MAPIC Awards as the “Oscars of the retail industry.” These awards celebrate excellence and groundbreaking ideas in the field. They recognize exceptional retail brands, cutting-edge solutions, and outstanding real estate projects. Industry professionals look forward to these awards that set new standards of excellence in global retail and retail real estate.
This year’s ceremony carried special meaning as MAPIC turned 30. The organizers created special one-time awards to mark this milestone, including the “Most Influential Retail Property Projects of the Past 30 Years” category. This recognition celebrates projects that reshaped the scene through architectural excellence and visionary ambition while making positive social changes.
How ICONSIAM stood out among global competitors
MAPIC Jury chose 15 outstanding retail property developments worldwide through a strict selection process. They looked at projects with strong visionary goals, industry-changing viewpoints, and new retail concepts. The main criteria included unique architectural design, creative retail mix concepts, and groundbreaking customer experiences.
ICONSIAM went up against world-famous developments:
- Dubai Mall (UAE)
- Battersea Power Station (UK)
- Marina Bay Sands (Singapore)
- Westfield London (UK)
- American Dream (USA)
- Mall of the Emirates (UAE)
- Puerto Venecia (Spain)
- Bluewater (UK)
MAPIC opened worldwide public voting through its online community platform to pick the most deserving project. Thai people showed incredible support by uniting behind ICONSIAM as their national representative.
This strong public backing helped ICONSIAM reach the final round as Asia’s only contender. The project made history as Thailand’s and Asia’s first to achieve such global recognition.
The award proves ICONSIAM’s game-changing approach to retail development has worldwide effect. This recognition shows Thailand’s growing influence in urban development and environmentally responsible retail practices. On top of that, it builds on ICONSIAM’s earlier win as the world’s Best Shopping Center at the 2019 MAPIC Awards.
This achievement confirms ICONSIAM’s original vision as both a national landmark and global destination. Siam Piwat Group’s CEO Chadatip Chutrakul said the project came from “a profound commitment to showcase Thailand’s capabilities and magnificence to the world”. The MAPIC 2025 recognition shows this vision has become a global reality.
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Chadatip Chutrakul receives global leadership honor
Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, brought another remarkable victory to Thailand with ICONSIAM’s global recognition. She received the prestigious “Pioneers of Places Award” at the MAPIC Awards 2025 – a lifetime achievement honor given to visionary leaders who reshaped the global real estate industry in the last three decades.
Who is Chadatip and her role in Siam Piwat
Chadatip Chutrakul ranks among Thailand’s most influential business leaders. She has served as the Chief Executive Officer of Siam Piwat Group since 2009. The company grew remarkably under her vision and now has more than 20 subsidiary companies in retail development, facility management, and marketing communications.
She played a key role in developing Thailand’s most acclaimed commercial landmarks. Her impressive portfolio has:
- Siam Paragon, known as “The Pride of Bangkok”
- Siam Center, recipient of the ICSC Asia Pacific Shopping Center Award
- Siam Discovery, winner of the 2017 World Retail Award for Best Store Design
- Paradise Park and other premium developments
Chadatip’s exceptional business acumen earned her numerous prestigious accolades. Forbes Asia named her among Power Businesswomen for three straight years from 2014 to 2016. The World Retail Hall of Fame inducted her in 2019. The Ministry of Social Development and Human Security recognized her as an Outstanding Thai Businesswoman in 2023. Fortune magazine listed her among the 100 Most Powerful Women in Asia 2025.
Her leadership philosophy centers on creating “platforms of opportunity” that connect businesses, communities, and global partners. She helps local heroes reach global status through ventures like SOOKSIAM and ICONCRAFT. These platforms showcase Thai food, crafts, and culture while building sustainable business ecosystems.
Why the Pioneers of Places Award is historic for Thailand
The “Pioneers of Places Award” marks an extraordinary milestone for Thailand’s business community. The first Thai and Asian executive to receive this honor, Chadatip joined an exclusive group of only four other world-class retail business leaders from Europe.
The distinguished group of honorees includes retail visionaries from established markets:
- Maurice Bansay, President and Founder of APSYS (France/Poland)
- Philippe Journo, Founder and CEO of Compagnie de Phalsbourg (France)
- Alexander Otto, CEO of ECE Group (Germany)
- Alain Taravella, President and Founder of ALTAREA (France/Italy/Spain)
This recognition strengthens Thailand’s position globally. It symbolizes national pride and proves Thai capabilities in an international context. Chadatip emphasized this sentiment: “This prestigious award does not belong to Siam Piwat alone; it belongs to Thailand. It is an honor and a source of immense pride for all Thai people”.
Thai royal heritage shapes her leadership philosophy. She draws inspiration from His Majesty King Bhumibol Adulyadej the Great and Her Majesty Queen Sirikit the Queen Mother who presented “the beauty and magnificence of Thainess to the world”. She blends Thai culture with innovative technology to create world-class destinations.
Chadatip serves as a Member of the National Soft Power Strategy Committee and Chairman of the Steering Subcommittee on Festivals. This role matches her vision of showcasing Thai excellence globally through landmark developments like ICONSIAM.
Her steadfast dedication to excellence has reshaped Bangkok’s retail scene and established Thailand as a global hub for innovative, culturally-rich commercial developments.
Siam Piwat develops ICONSIAM as a national landmark
ICONSIAM stands proudly on the banks of Thailand’s Chao Phraya River. This iconic landmark shows what visionary urban development and Thai cultural pride can achieve. More than a decade of careful planning and bold execution has revolutionized Bangkok’s riverside area.
Timeline of development and investment scale
The story of ICONSIAM started about 13 years ago. The project first showed up as part of a bold plan to rejuvenate Bangkok’s prominent Chao Phraya River. The mega-development opened its doors on November 9, 2018, after more than a decade of planning and design. This big launch came after years of careful work to build not just a shopping center, but a complete destination that would showcase Thai capabilities worldwide.
The developers worked closely with 13 riverside communities along the Chao Phraya River. This approach helped create a destination that would benefit local communities, partners, and society. The project became a shared vision through this teamwork.
Money-wise, ICONSIAM ranks among Thailand’s biggest investments in commercial property development. The project cost about 60 billion baht (US$1.8 billion). This made it Thailand’s largest commercial property project when it was completed. Such a huge investment shows how confident the developers were about creating a landmark that would leave a lasting mark on the economy and culture.
Partnerships behind the 60-billion-baht project
Three major Thai companies joined forces to bring ICONSIAM’s ambitious scale to life:
- Siam Piwat Company Limited: A pioneer in developing world-class shopping destinations
- Magnolia Quality Development Corporation (MQDC): A leader in innovative residential and commercial properties
- Charoen Pokphand Group: One of Thailand’s biggest conglomerates with various business interests
These powerful companies combined their expertise in retail, real estate, and business to create something bigger than typical commercial projects. They shared a vision beyond profits – they wanted to create a national icon that would raise Thailand’s global profile.
The project’s massive scale proves their commitment. ICONSIAM covers over 55 rai (about 22 acres) of prime riverside land with 750,000 square meters of total floor space. The property has one of central Bangkok’s longest river frontages, stretching more than 400 meters along the Chao Phraya.
How ICONSIAM blends Thai heritage with modernity
ICONSIAM stands out by smoothly mixing Thai cultural heritage with modern design and function. The complex serves as a platform to show “Thainess” to the world through a sophisticated, modern lens.
Thai stories appear throughout the development, from its architecture to its artwork. The design uses traditional Thai wisdom and cultural heritage from different regions, presented with modern elegance. This creates a space where old craftsmanship and state-of-the-art features work together perfectly.
The complex features several groundbreaking attractions called the “Seven Wonders at ICONSIAM” – each one is the first of its kind in Thailand. These cultural showcases help make the development more than just a shopping destination.
Two world-class waterfront condominiums crown the architectural achievement. The Magnolia Waterfront Residences, Thailand’s tallest building at 70 floors, leads this vertical showcase. Large retail areas mix international luxury brands with spaces dedicated to local craftsmen and Thai entrepreneurs.
ICONSIAM enables over 35,000 Thai entrepreneurial families and 800-1,000 Thai designers to thrive. This support for local talent helps the development actively promote Thai heritage while pushing its growth and global recognition.
ICONSIAM transforms Thon Buri into economic hub
ICONSIAM’s architectural brilliance has changed Thon Buri’s landscape. This quiet district now stands as a bustling commercial hub that gives downtown Bangkok a run for its money. The transformation shows how smart urban planning can rejuvenate entire regions through steady economic growth.
Land value surge and job creation
Property values around ICONSIAM tell an incredible success story. Land along Charoen Nakhon Road and the riverfront used to cost about 250,000 baht per square wah. These same plots now sell for up to 700,000 baht per square wah – almost triple the original value. Experts believe prices could hit 1 million baht per square wah.
The development has created over 400,000 jobs [152]. This boost has cut unemployment rates and given local residents stable income sources. The benefits reach well beyond the complex and help nearby communities and businesses thrive.
ICONSIAM has managed to keep strong financial results for seven years. Its average yearly revenue growth stands at 24.2% [121]. These numbers stayed strong even during tough economic times, which proves how vital this development is to the local economy.
Impact on local businesses and tourism
Riverside businesses have boomed since ICONSIAM opened its doors. Companies along the Chao Phraya River saw their business grow by over 60% [131]. River tourism has taken off too.
Hotels near ICONSIAM have seen amazing results. Room rates are up by 50%, and occupancy stays above 85%. During the Amazing Thailand Countdown 2025, riverfront hotels were packed at 95-100% capacity.
The success spreads to nearby communities too. About 3,500 households across 13 communities now earn more from increased trade and tourism. ICONSIAM helps improve local life by keeping seven nearby waterways clean. This creates a better environment for everyone who lives or visits there.
The Amazing Thailand Countdown 2025 brought in over a million people and got more than 100 million views worldwide. This event helped Thailand beat its yearly goal of 35 million tourists and added over 62 billion baht to the economy [142].
How iconsiam mall became a magnet for growth
ICONSIAM’s influence on development is remarkable. More than 60 new real estate projects have sprung up within just one kilometer [152] [121]. These include:
- Residential condominiums (12 new projects with 6,509 units launched in 2018 alone)
- Commercial developments
- Infrastructure improvements
- Tourism-focused establishments
Better transportation networks have come with the development, including new rail, road, and water systems. This improved access makes it easier for visitors and businesses to reach the area, which speeds up economic growth.
ICONSIAM works as a complete “Urban Development Model” that encourages economic growth while backing Thai entrepreneurs and small businesses [121]. It provides business opportunities to over 35,000 Thai entrepreneurial families and 800-1,000 Thai designers [131].
The development is a vital part of the Chao Phraya River Master Plan. This national project aims to turn the riverfront into a world-class tourist destination. ICONSIAM’s influence reaches far beyond its neighborhood and changes Bangkok’s entire waterfront area.
Global brands invest in ICONSIAM Bangkok expansion
ICONSIAM strengthens its position as Thailand’s top retail destination with a remarkable surge of global brand investments. The retail giant will welcome more than 51 new brands launching their first Thai stores between late 2025 and early 2026. These brands will invest over 1.5 billion baht combined.
Luxury flagships and first-in-Thailand stores
ICONSIAM’s luxury segment has grown significantly with several major openings.
Hermès has opened Thailand’s first two-level duplex flagship and plans to introduce a new store concept. Prada follows suit with the country’s first duplex concept store. Fendi chose ICONSIAM to launch its newest global retail concept, making it Asia’s first such store.
Italy’s luxury fashion house Brunello Cucinelli and Australia’s iconic lifestyle brand Zimmermann picked ICONSIAM to debut in Thailand.
Global retail concepts have found their home here too. POP MART opened its Global Landmark Store – the largest outside POPLAND[191]. The North Face launched its world-first ONE BOX PRO Concept Store with a fresh retail approach[191].
Why international brands are choosing Thon Buri
Luxury brands now prefer the Thonburi riverside location over central Bangkok. This choice shows how the area has become a prime business hub. Bangkok’s retail landscape has changed radically because of this.
Sales numbers prove ICONSIAM’s dominance in Thailand’s luxury market. Luxury brands at Siam Piwat’s shopping centers rank among the top 5 or 10 globally. ICONSIAM and Siam Paragon together generate 75% of Thailand’s luxury retail revenue.
ICONLUXE spans 25,000 square meters and houses over 30 world-class fashion, jewelry, and watch brands. This luxury hub draws sophisticated shoppers looking for high-end retail therapy.
Projected investments and upcoming launches
Beyond the confirmed 1.5 billion baht investment, more than hundred brands wait to secure their spot. This shows strong faith in ICONSIAM’s future growth.
Burberry, Miu Miu, and Giorgio Armani will open soon. Giorgio Armani plans to enhance shopping with a complete Made-to-Measure suite that offers custom tailoring for all products.
Performance footwear brand ON achieved its highest global first-day sales at its ICONSIAM flagship – Thailand’s first and largest. This success validates the brands’ choice to invest here.
Gentle Monster and Tamburins will launch Thailand’s largest mega-stores, marking Southeast Asia’s first integrated brand showcase. These additions strengthen ICONSIAM’s reputation for unique retail concepts and exceptional brand experiences.
ICONSIAM sets benchmark for sustainable urban models
ICONSIAM’s soaring success comes from a simple principle: creating value that everyone shares across economic, social, and environmental areas. This approach is now 5 years old and experts call it “the ICONSIAM Model” – a blueprint that changes urban development by smoothly combining infrastructure, public spaces, and community growth while keeping cultural authenticity.
The ICONSIAM Model: infrastructure and community uplift
ICONSIAM serves as a “standard for fully integrated project development” and represents an Urban Development Model that has altered the map of Thon Buri beyond just commerce. Siam Piwat worked closely with 13 riverside communities along the Chao Phraya River before starting construction. This ensured the project would benefit people, communities, partners, and society through co-creation principles. The result shows in numbers – 3,500 households in nearby communities now earn more from increased trade and tourism.
Shared value creation and SME uplift
More than 35,000 Thai entrepreneurs and small enterprises now have business opportunities in this development. Dedicated spaces like SOOKSIAM and ICONCRAFT help these businesses grow from local favorites into globally recognized brands. Small-scale entrepreneurs get special attention, and over 12,700 now thrive among ICONSIAM’s other businesses in just five years.
How the project integrates transport and accessibility
ICONSIAM has worked with civil society, public, and private sectors in the last five years to develop Thailand’s first integrated transportation system that connects land, rail, and water. This detailed plan has reliable transportation infrastructure that helps nearby communities. People can easily reach ICONSIAM by BTS, boat, or car with up to 8 hours of free parking.
Conclusion
ICONSIAM has without doubt become a global retail landmark that exceeds conventional commercial development and stands as a symbol of Thai excellence worldwide. The MAPIC Awards 2025 recognized it as one of the “Most Influential Retail Property Projects of the Past 30 Years,” which verified the vision behind this extraordinary destination. Chadatip Chutrakul’s historic “Pioneers of Places Award” highlights Thailand’s growing leadership in innovative retail development.
ICONSIAM’s seven-year success story shows how well-planned urban development can revolutionize entire districts. Land values along Charoen Nakhon Road have increased threefold, which proves its economic effect. The project created 400,000 jobs and sparked over 60 new development projects within a one-kilometer radius, showing the power of smart investment.
The development’s unique strength lies in its smooth blend of Thai heritage with modern breakthroughs. Instead of just importing global retail concepts, ICONSIAM celebrates Thai culture, craftsmanship, and entrepreneurship while drawing prestigious international brands. This balanced approach has made it a preferred spot for luxury flagships, with global retailers choosing Thon Buri over traditional downtown locations.
The “ICONSIAM Model” now serves as a blueprint to transform urban areas across Asia and beyond. This landmark development shows how commercial success perfectly matches social responsibility and environmental care by focusing on community participation, transportation connections, and cultural authenticity.
A visit to ICONSIAM today offers more than just shopping – it reveals a national icon that has changed Thailand’s urban landscape while displaying the country’s potential to the world. ICONSIAM’s success story confirms that Thailand can create world-class destinations through visionary leadership and beneficial partnerships that honor local heritage and set new global standards for excellence.
