Back in May 2022 Chiang Mai residents were shocked with the sudden closing of the well-known Promenada Resort Mall, which caught store owners off guard because they had not been given previous notice and had to pack their inventory and depart.
Those who had brought fresh food to prepare and sell today were particularly hard struck.
The Covid epidemic has been severely affecting this resort mall since 2020, according to a letter that store operators received from the Joint S. Property Company Ltd., Promenada Chiang Mai Company Ltd., and European CC (Thailand) Company Ltd. shareholders.
“The retail center had made an effort to manage the financial strain caused by having to pay expenses that were greater than its income for the previous three years. The letter stated that great efforts were made to keep the businesses from being impacted by the circumstance by providing rent breaks and refraining from collecting rent during specific months so that the stores and shopping center could navigate the crisis together.
The letter also stated that Promenada Resort Mall would need to be temporarily closed starting today or until it received new funding from investors because the company was no longer able to handle its financial problems.
Pattayaone has learned more recently that the previous owners had done nothing to help the resident shop owners with rent and in some cases even putting the rent up this amongst many factors led to the eventual closure
Operators of stores were informed that they would be notified if there were any further changes.
According to reports this resort mall, which debuted in 2013 and is situated in this northern city’s suburbs, has 50,000 square meters of retail space, including a green frontage area, SF Cinema City, a medium-sized conference room, a food court, an outdoor amphitheater for outdoor performances, a garden, a 20-lane bowling alley, karaoke rooms, a kids entertainment center, and several brand stores.