King Power revamps new strategies in the past 3 decades, creating and developing retail and tourism businesses under the concept of ‘THE POWER OF POSSIBILITIES’, also launching 2 significant projects to welcome
the country’s opening
On February 27th, the King Power Corporation took another crucial milestone in its three-decade journey. Aiyawatt Srivaddhanaprabha, Chief Executive Officer, presented a policy and business strategy announcement event for the year 2023 with the topic ‘THE POWER OF POSSIBILITIES’ — life never stops searching for possibilities. Through the 4E strategy of Enable, Encourage, Explore, and Empower, King Power is committed to propelling Thai businesses into a new global dimension by integrating digital transformation with innovative and cutting-edge product technology and new service solutions, both at the airport and in the heart of the city. In order to respond to current circumstances and evolving business trends, the business structure has recently been reorganised from four to eight core businesses, comprising Travel Retail, Retail, Dining, Hospitality, Consumer Products, Travel Experiences, Sports, and CSR. Furthermore, the company is preparing to launch two major projects, ‘King Power Duty Free’ at Satellite Building 1 and ‘King Power Downtown Duty Free’ in the central business area (CBD), totaling 10,000 square metres of commercial space. These projects total more than three billion baht in investment and mark the country’s full reopening.
The CEO of King Power Corporation, Aiyawatt Srivaddhanaprabha, commented, “In the past three years, particularly since the outbreak of the COVID-19 pandemic, the collaborative efforts of our employees at all levels have been a critical driving force for the business. It resulted in the idea ‘WE are more powerful than I,’ which evolved into the organisation’s brand idea. It is the result of every employee’s cumulative efforts to the creation of the power of possibilities, culminating in the core concept ‘THE POWER OF POSSIBILITIES’ — life never stops searching for possibilities, and King Power is dedicated to discovering and creating new travel experiences for individuals all around the world. Furthermore, in order to facilitate the country’s full reopening, the corporation is planning to open two new duty-free stores. The first will be located at Satellite Building 1 and will have a capacity of roughly 151,000 people per day. The second location will be in the central business district (CBD) and will serve about 50,000 tourists each day.”
In order to propel the economy and society toward sustainable development on all fronts, King Power is ready to work with partners from all industries and involve staff members at all levels. They are committed to the fundamental idea of ‘THE POWER OF POSSIBILITIES’ and seek to revamp King Power’s operations beyond a duty-free product group by implementing the 4E strategy, which consists of the following:
- Enable: Fulfilling customer needs by integrating cutting-edge digital technology and international cultural trends into their offerings.
- Encourage: Developing in employees and business partners a spirit of originality and new thinking.
- Explore: Providing customers with new travel and life experiences.
- Empower: Giving individuals all throughout the world the motivation to live more extraordinarily every day.
This year, King Power changes the organisation into a Multi-Business model, shifting from four core businesses to eight, including Travel Retail, Retail, Dining, Hospitality, Consumer Products, Travel Experiences, Sports, and CSR. This restructure seeks to create innovative experiences in numerous forms quickly and fully, spanning all areas of travel and shopping, whether online and offline, to adapt to the varying lifestyles and needs of customers and global travellers.
King Power has made major upgrades to the interior space at Suvarnabhumi Airport in the last year, marking the largest restoration in 12 years. The vision of developing a ‘World Junction,’ which brought together over 20 prominent worldwide brands in one location, was at the centre of this transition, resulting in the ‘Duty-Free World Class Shopping Destination.’ Suvarnabhumi Airport intended to be established as a regional aviation centre. In addition, King Power introduced ‘King Power Mahanakhon,’ which reflected the notion of ‘THE MAHANAKHON OF LIVES,’ establishing Bangkok as a global vacation destination. With the advent of The Standard, Bangkok Mahanakhon, a magnificent hotel, King Power Mahanakhon’s standing as an iconic world-class landmark attraction is further enhanced. These transitions have an emphasis on digital transformation, keeping the business current, and focusing on customer-centric solutions. The corporation also invested in deep data analytics and increased management, sales, and after-sales services, all while improving the company culture and staff.
In addition to the company structure, King Power cherishes and prioritises people, who have always been the organisation’s driving power. The company has prioritised fostering and strengthening employees’ learning skills across multiple dimensions. As a token of appreciation and thanks for their committed contributions at all levels, King Power gives Appreciation Recognition awards to retiring employees and workers who have worked for the corporation for 30, 20, and 10 years, respectively.