Index Living Mall Public Company Limited (ILM) announces the success of its business operation under the concept of “sustainability” through five successes: Speed to Market, Customer Centric, Data Driven, Space Optimization, and Automation. Index Living Mall proved it with total revenue of 9,416 million baht in the previous year, and it is now pursuing continuous expansion through the ” INDEX NEXTPERIENCE & BEYOND +SUSTAINABLE FUTURE” strategy, which highlights the Triple Bottom Line concept and the 3Ps (Performance, People, and Planet) and instills sustainability in its customers. With the goal of double-digit growth in 2024, the company is getting ready to open a new branch, Thailand’s and ASEAN’s first energy-saving building prototype for the Thai retail business, and renovate its current branches to boost their capacity to accommodate a wide range of lifestyles.
Miss Kridchanok Patamasatayasonthi, Managing Director at Index Living Mall PLC, or ILM, the leading furniture retail business, household items, and home decorations, including rental space providers under the project The Walk, Little Walk and Index Mall, reveals that Index Living Mall understands the value of “sustainability” as the business direction in every process and every dimension of the organization. As a result, operations in 2023 have grown by leaps and bounds and are more robust than they were before the COVID-19 outbreak. It is able to outpace competitors in the industry. With a total income of 9,416 million baht, a growth of 4.5% from 2022, and a profit of 726 million baht, growing 10.2%, it is expected that in 2024 there will be continuous growth and double-digit sales growth.
“For the operation of Index Living Mall, it does not measure profits solely. The organization pays attention to creating sustainability for the business. There is an extension, growth, and expansion of results through operations in 5 main pillars: Speed to Market, a strategy for speed and agility to be proactive and adapt quickly as the key to having an advantage over competitors; Customer Centric, a strategy to create an impressive experience by listening and understanding customers; Data Driven, making decisions based on data that lead to right and pleasant solutions; Space Optimization, including new branch expansion and improving existing branches to suit customers’ lifestyles and behaviors; and Automation, integrating technology to boost efficiency and effectiveness. Consequently, building a sustainable brand is the primary tactic and motivation for becoming a market leader in the retail furniture industry.”
- Revealing Index Living Mall’s Plan for 2024
For the business direction in 2024, Index Living Mall aims to continuously expand its success with the strategy “INDEX NEXTPERIENCE & BEYOND +SUSTAINABLE FUTURE” as the policy and framework within 3 years, based on the Triple Bottom Line concept and the 3P formula: Performance – People – Planet, to penetrate people’s hearts with true sustainability. In the area of “Performance,” to conduct business to achieve sustainable growth, the company will concentrate on broadening the business’s reach, anticipating the opening of one or two new Index Living Mall branches per year, and introducing the New Store Model, Thailand’s and ASEAN’s first energy-saving building prototype for the Thai retail business. It will be located at the Saraburi branch, on an area of over 10 rai, with an investment of over 170 million baht. The branch is expected to open in Q1/2025. ILM also prepares to establish more branches of Little Walk, including the Rattanathibet branch, with a budget of 550 million baht on an area of 12 rai, consisting of Index Living Mall, size 6,340 sq.m., and rental shop space 10,100 sq.m., which is expected to open in Q4/2024. Moreover, it planned to renovate the Chiang Mai and Udon Thani branches with a new design. The company is also preparing to open “DecorScape,” a new shopping destination in the heart of Thonglor, with an investment of a total of 150 million baht to build it as a lifestyle mall in a modern luxury design. It is a 3-story building on an area of 3,000 sq.m.
For the branches overseas, it expanded by 12 branches in 6 countries, namely, 2 branches in Vietnam, 4 branches in Myanmar, a branch in Laos, 2 branches in Cambodia, 2 branches in Nepal, and a branch in the Maldives. In 2024, it is expecting to open 4 new branches: 2 branches in Ho Chi Minh City, Vietnam; a branch in Mandalay City, Myanmar; and, for the first time ever in India, a branch in Pune. At the same time, it is also looking for the opportunity to expand the scope of product distribution to major retail groups in the Middle East, such as Dubai and Saudi Arabia.
Apart from growing its branch network, it is building online sales channels to increase revenue by 20% and foster a great customer experience across all channels. Since TikTok was trending last year, the company saw room to develop and added TikTok Shop as a platform for product distribution and marketing, with a dedicated live streaming team. The performance of sales in TikTok Shop in 2023 makes Index Living Mall one of the top sellers in the furniture product category. In terms of expanding the new customer base, the company has developed a variety of products, both in design and function, to meet the needs of the younger generations, emphasizing the creation of a digital experience and setting up pop-up displays both in stores and online to connect new shopping lifestyles as well as maintaining the existing customer base at the same time. In order to do this, it expanded the Furinbox brand product line from online to offline, offering it at 22 locations around the country, targeting group C customers, who make up the majority of the country’s customer base, along with expanding the customized product group to meet even more individual needs.
In the area of “People,” it committed to creating “beyond experience” by coming up with strategies to suit the behavior and specific needs of customers, such as using technology to help promote sales and services. This can be seen in the first quarter at the Pattaya branch; it applies Generative AI to interior design, bringing AI technology to help increase business competitiveness in the design work. It helps reduce steps, facilitate designers, and simultaneously increase convenience and answer the needs of customers directly. It developed programs for design to increase the efficiency of design services, promote sales in the customized furniture and standard furniture product groups in all stages, create Index Mobile App, an application for home decorating lovers, which is expected to launch in Q2/2024, and other services to give clients an impressive experience. At the same time, the employees can also experience happiness as ILM focuses on developing leadership potential by bringing in the new generation to drive the organization. And the other area is “Planet.” It adheres to sustainable and ethical practices—production and product development for sustainability—which include eco-products or using environmentally friendly materials, developing products that create quality of life and good health, developing a strong society by promoting product development together with state enterprises and communities, and promoting local identity and wisdom.
- Index Living Mall aims to create a sustainable environment.
Mr. Ekalak Patamasatayasonthi, Senior Vice President-Business Development, at Index Living Mall PLC added that Index Living Mall pays attention to environmental sustainability that aims towards the goal of Net Zero, creating a sustainable environment. It begins with the opening of a new store model at Index Living Mall in Saraburi. The branch is equipped with an energy-saving building structure, or “Zero Energy Building” (ZEB), in the form of an ECO Store in Thailand, which is the very first for the Thai retail business and the first in the ASEAN region. The company collaborates with CORAL LIFE, an environment design service provider, to make it happen. Inside this energy-efficient building, the quality of air is on par with that of Switzerland, and the PM2.5 level is almost near zero. Both consumers and staff will experience better wellness. In keeping with the idea that ‘Clean air should be a basic right, like city infrastructure for everyone,’ Index Living Mall’s plan for this building is to serve as an air filter for the city. Therefore, the New Store Model Index Living Mall at Saraburi branch is the first ASEAN prototype shopping center that will contribute to reducing greenhouse gas emissions in line with the priorities that the global community values as important. This therefore reinforces the vision of developing the organization towards sustainable growth. To achieve this purpose, one must merely act continuously in the here and now.”
Index Living Mall plans to launch “DecorScape,” the new modern luxury mall in the heart of Thonglor. It will consist of a flagship store of ‘BoConcept’ and leading luxury lifestyle shops to penetrate customers with premium lifestyles. Due to the survey, Thonglor is a well-known landmark in Bangkok with endless potential. It is renowned for offering an opulent lifestyle that satisfies urban demands. There are consumers with high purchasing power, both Thais and foreigners, who come to work in Thailand. They can shop, eat, and drink all in one place. Within the 3-story building of DecorScape, there will be imported furniture and home decoration brands in various styles, along with a variety of restaurants and cafes. The investment for the project is over 150 million baht. It is expected that it will receive a good response from customers in the area.
Furthermore, Index Living Mall continually develops eco-friendly products for its portfolio, or ECO PRODUCTS, to further support a sustainable environment. In the ECO PRODUCT group, the percentage of new products in furniture and home décor is currently 10%. By 2024, the percentage of new products in each group will rise to 20%. For example, the Recycled Materials product group includes products that are made from recycled fibers and plastics, as well as upcycled old teak wood in pieces of furniture; the Energy Saving product group includes products that help save electricity and water, such as cooling pillows and blankets and curtains to block light and prevent dust; the Biodegradable product group includes products that are naturally biodegradable, such as materials from wheat straw; and the Eco Friendly product group includes products that are produced with natural materials.
The company also changes the product packages from plastic to recyclable paper and plastic and cloth bags, starting with house brand products, and compresses rolling the mattress to be more compact and easier to transport. This allows the mattress to be packed five times more into containers than when it was originally packaged. It also adjusted product price tags from colored printed glossy paper to recycled kraft paper. It is to reduce the amount of waste and pollution from chemicals in printing ink. They also turned paper-based furniture assembly instructions into an online manual by scanning the QR code on the product package instead.
Strong social development is one of its goals. It continuously co-develops products with the government and community enterprise groups. Last year, it worked with the Bai Mai group of Ban Khiriwong Community, Nakhon Si Thammarat Province, using tie-dye crafts to develop bedroom furniture in the ‘Happy Vacation’ collection. It also collaborated with the ‘Department of Industrial Promotion’ to develop an innovative design for the “Khanom Chun Table” from the concept of “WORK TO DINE,” Work hard, Eat harder, to increase the shopping experience for customers. In 2024, it is working with the Ban Kiw Lae Noi community group in Chiang Mai Province to develop living furniture made from Lanna-style wood-carving crafts. It is also supporting the Khao Kirit Rubber Bedding Group in Kamphaeng Phet Province, a community enterprise, to preserve the value of handicrafts and provide a sustainable source of income for the community.
Index Living Mall also builds on comprehensive policies that help reduce greenhouse gas emissions, such as continuously installing solar rooftops. Currently, it has been installed in 28 locations, including Index Living Mall, The Walk Shopping Center, distribution centers, and factories, with an investment budget of 383 million baht. In 2023, the system produced 14,950.87 mWh of electricity, expected to reduce greenhouse gas emissions by approximately 7,261.64 tons CO2 eq. Over the past six years, it has helped save as much as 300 million baht in electricity. It will also expand the installation of the solar rooftop to the upcoming branches accordingly. The company plans to use EV trucks for 20% of its total trucks. In the past year, it has transported with 7 electric vehicles in 5 provinces, namely Nakhon Sawan, Phitsanulok, Nakhon Ratchasima, Khon Kaen, Chiang Mai, which can help reduce costs by approximately 5 million baht per year compared to combustion engine vehicles and reduce greenhouse gas emissions by approximately 878.59 tons CO2 eq. (*The amount of CO2 refers to the amount of transportation), which is equivalent to planting 106,000 trees. It manages waste with the concept of the 3 Rs—Reduce, Reuse, and Recycle—together with government and private sector partners. Last year, 8,284.37 tons of garbage and waste were recycled. Due to the use of alternative energy and waste management, it helps reduce greenhouse gas emissions by 14,160.68 tons CO2 eq. Moreover, the company helps create a good environment by collaborating with the Care The Wild project “Planting forests with SET” to increase green space in arid areas, piloting the project at Ban Khok Sok Khinu community forest, Lam Thamen Chai District in Nakhon Ratchasima Province. It planted 2,000 trees on an area of 10 rai, which will help absorb greenhouse gases up to 18 tons CO2 eq./year.
Index Living Mall believes that a business that wants to succeed in the current world and win over customers’ hearts can’t focus just on making money for its own sake. However, in order to promote long-term sustainability, considerations for society, the environment, and the global community must be made.
