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Promenada - The Beginning of The End?

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Someone mentioned this early but seems no one noticed. There are so many new housing projects selling multi-million baht houses to big Thai spenders all around Promenada. There are condos going up also near by. Access to Promenada is from 5 or 6 different directions. This area of Chiang Mai is the new rich part of the city and growing wildly. I think Promenada and its vendors might be taking a loss right now but in the future it will probably be very busy.

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I just had a thought.

We all have ideas and opinions. But is there some one with some knowledge of the company that owns it. How deep are their pockets? What is their record in this type of operation?

It was mentioned and poo pooed but money laundering is a possibility. Thailand is well known for that. Just what is the owners history?

This is defiantly not my field. But I think possibly one of the posters would have an insight in to it. We all know what it should do. But it would seem that none of us knows what they are willing to do.

I posted the link to the Polish parent company.

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If people study the long history of Chiang Mai they will find there have been many different city centers. CMhomeboy78..... Do you have anything on that?

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I find KSK's food court very limited. But love the fact I can find Kanem Clok at the mall. I think it is the closest thing in CM to my beloved MBK.

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We wandered around both Promenada buildings Monday waiting for the movie to start, for about an hour. (new movie, showing we went for only in thai, with no s/titles). 10 people including us at the 15.40.

The whole place like a ghost town. Uniqlo shuttered as has been mentioned, and the skating area empty again. Half the food places in the food court shut down now too.

But we love to go there, and the w/end music outside is fun but I feel very sorry for folks trying to make a living there.

Needs more activities and marketing but the cash, drive and expertise seems lacking.

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I find KSK's food court very limited. But love the fact I can find Kanem Clok at the mall. I think it is the closest thing in CM to my beloved MBK.

but add the food court in Tops, and my favorite, the one way to the back, up a half flight of stairs. I heard the duck khao soi in tops for 50 thb was excellent, but I do 2 entrees and purple rice back to the back. But just judging by the basement one, yeah it's a lot smaller than Airport Plaza, which has its own quirks.

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It was mentioned and poo pooed but money laundering is a possibility.

Not really. I don’t know what it cost to build Promenade, but probably hundreds of millions. So you have to spend that before you have your money laundering machine.

Then for the actual operation; the mall only lease out space (AFAIK), i.e. the banks, restaurants, and shops are not part of the operation and you can’t cook their books to hide money obtained from illegal activity.

So you are left with the leasing income, but this is pretty easy to audit, and if the mall sees no business, there will be no-one leasing space there, which means no income to inflate.

Thailand is well known for that. Just what is the owners history?

Thailand has some illegal activity going on, but I think the money laundering associated with this is of a much smaller scale than building giant malls, for example they’ll use nominee account holders or setup dummy import/export companies and cook the books.

I think the rising problems with money laundering is actually that things are moving from the physical to the digital world. I.e. if a physical store claims revenue of ten million, you can sample amount of customers in a week, look at their inventory and check with the suppliers, etc. but say you are running an online gaming platform, outsiders have a much harder time to do a thorough audit of the income.

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If you suspect money laundering, my guess would be Top Charoen. Why are there so many eyeglass stores? I have never seen so many eyeglass stores in my life. And new ones keep opening up. It's almost like 7-11 but all they sell is eyewear, can someone explain that as a business model?

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If you suspect money laundering, my guess would be Top Charoen. Why are there so many eyeglass stores? I have never seen so many eyeglass stores in my life. And new ones keep opening up. It's almost like 7-11 but all they sell is eyewear, can someone explain that as a business model?

Perhaps the owners don't have a clear vision for their business model. (Bah dum dum, ching! I'm here all week folks....don't forget to tip your bartenders and waitresses.)

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It was mentioned and poo pooed but money laundering is a possibility.

Not really. I don’t know what it cost to build Promenade, but probably hundreds of millions.

If you search on-line you will see that it cost 3.1 Billion THB to construct.

Edited by elektrified
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We wandered around both Promenada buildings Monday waiting for the movie to start, for about an hour. (new movie, showing we went for only in thai, with no s/titles). 10 people including us at the 15.40.

The whole place like a ghost town. Uniqlo shuttered as has been mentioned, and the skating area empty again. Half the food places in the food court shut down now too.

But we love to go there, and the w/end music outside is fun but I feel very sorry for folks trying to make a living there.

Needs more activities and marketing but the cash, drive and expertise seems lacking.

Yes that is what I was wondering. It seems like that is the case today but has any one looked into the company and checked on the figures they were looking for when they opened and the amount of future growth they were planning for. Were they prepared for the long haul?

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I shop at Rimping Promenada at least twice a week. We eat at Le Bistro in the supermarket same time. We find the food there to be consistently fresh, well prepared and tasty; certainly one of the better restos in Chiang Mai, with excellent service. In the last 2 months we have noticed that Bistro has permanently shut down its wi-fi ( annoying) and is advertising absurdly low "special" breakfasts and lunches. The grocery side is replenishing the shelves very slowly and with less choice. Uniqlo has indeed closed its doors. Completely gone. Over half of the local food stalls in the food court have disappeared. I spotted the principle owner of Promenada eating at Bistro, looking distinctly displeased with something.

Promenada is a great concept but at present the population with easy access to it seems to be lacking. That is changing. The developers have a great track record abroad and are in it for the long haul. I don't doubt that they will stick-handle around the bumps and succeed.

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Re laundering: Who's gonna audit the place, the IRS? Remember, this here's Thailand, not Kansas. Dang, they probably washed millions just building the place.

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Re laundering: Who's gonna audit the place, the IRS? Remember, this here's Thailand, not Kansas. Dang, they probably washed millions just building the place.

Not sure who is doing it. But the government under pressure from other countries is working on it. I see where you are fairly new to Thailand. Money laundering is a big business here in Thailand.

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