BANGKOK, Thailand – Tang Hua Seng shopping mall in Bang Phlat district is closing its doors after 62 years of operation. The closure, set to be effective from Tuesday, follows the Metropolitan Electricity Authority’s decision to cut power to the 12-storey shopping center. The company behind the mall indicated the closure is temporary, with plans to reopen once negotiations with new investors are finalized.
Tang Hua Seng, which opened its first branch in the Bang Lamphu neighborhood in 1962 and expanded to Thonburi in 1991, has struggled financially in recent years. The company has reported consecutive losses, including 122.47 million baht in 2017, 93.52 million baht in 2019, and 43.78 million baht in 2021, driven by declining customer numbers and increasing competition from other retail outlets.
The shopping mall was auctioned off earlier this year by the Legal Execution Department for around 900 million baht, falling short of the estimated 1 billion baht value. The company’s Bang Lamphu branch had also been auctioned off for 300 million baht several years prior.
Tang Hua Seng’s management remains hopeful that the Thonburi branch will reopen soon once new investment deals are secured, although no specific timeline has been provided. (NNT)
