New shopping malls are anticipated to enter the market, mainly on the city’s outskirt. Meanwhile, retailers and mall developers are reinventing themselves to provide a variety of entertainment and lifestyle activities.
Average monthly rents for retail space in Saigon's central business district kept on rising in the third quarter of 2019 as Vietnam was still considered attractive to international retailers and developers, CBRE stated.
Vietnam is on track to become one of the biggest consumer markets in the world, said Japan’s richest man and CEO of Fast Retailing Tadashi Yanai.
VinCommerce, the consumer retail unit of conglomerate Vingroup, has set a target of running 300 VinMart supermarkets and some 10,000 VinMart+ convenience stores in the country's 63 provinces and cities by 2025.
UNIQLO, a Japanese casual wear retailer, on November 5 officially announced its arrival in Vietnam with the brand’s first store, UNIQLO Dong Khoi, to open in Ho Chi Minh City’s District 1 on December 6.
F&B heats up, entertainment emerges, new international brands enter, occupancy rate stays high, and domestic competition continues to grow, according to a Savills’ quarterly report.
In Q3 2019, retail spaces that had focused on building brand images and adopted good leasing strategies still posted strong performance with high occupancy rate, while other malls were struggling to retain customer.
Saigon Co.op has opened three Co.opmart SCA supermarkets in Ha Noi, increasing the total number of stores under the Co.opmart brand to 116.
With a population of nearly 100 million, the country’s final consumption expenditure has been maintaining at a high rate of over 70% annually, the local retail sector is changing quickly and following four main trends.
After the landfall of GS Retail Co., compatriot BGF Retail Co., the operator of South Korea’s major convenience store chain CU, will set foot in the Vietnamese market via a master franchise contract with a local partner.
According to CBRE Vietnam, the Hanoi office and retail market both post a positive performance in the second quarter of 2019, as investors heading towards the West of the city.
Delay in future retail podiums and excessive supply of residential projects in Ho Chi Minh City in the past three years cause the market to become more competitive, leading to the struggling of mediocre projects.
VinCommerce, a retail unit under Vietnam’s conglomerate Vingroup, has acquired local supermarket chain Queenland Mart as a continuing step to expand its retail market share, according to DealStreetAsia.
As the city centre is getting more clustered and population is increasingly condensed, retailers are looking to non-CBD areas for development. However, storekeepers need to diversify and aim at the right retail sectors to truly prosper.
Retailers and landlords have invested in logistics platforms and new store concept to drive customers in and attract millennials who are technology-savvy.