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2023 HCMC retail market: There will be 4 new shopping malls, contributing more than 116,000 m2 of retail space16/01/2023
According to the latest Cushman & Wakefield report, the total active retail supply reached 1,052 million square meters. Four projects are expected to launch in 2023, namely Central Premium Plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart on Phan Huy Ich Street, contributing more than 116,000 square meters of new retail space.
Commercial activities and consumer services will recover strongly in 2022 when the Covid-19 epidemic is under control. For the year 2022, according to the General Statistics of Vietnam, the total retail sales of consumer goods and services increased by 19.8% over the previous year, estimated at 5,679.9 trillion VND (about 238.45 billion USD – exchange rate 23,820). In which, total retail sales of goods was estimated at VND 4,475.9 trillion, an increase of 14.4% over the previous year.
According to the General Statistics Office, total tourism revenue is estimated at 24.5 trillion VND, up 271.5% over the previous year. The number of international tourists to Vietnam in the whole year was recorded at 3.66 million arrivals, 23.3 times higher than in 2021. In which, visitors from Asia nearly 2.6 million, and visitors by nearly 3.3 million times by air.
In 2022, many malls plan and carry out renovation and restructuring of commercial premises. This is a positive development of the market when outdated retail premises are upgraded, promising to partly meet the scarcity of good premises in the market. Hung Vuong Plaza is currently undergoing renovation and is expected to re-enter the market in 2023.
According to the latest Cushman & Wakefield report, the total active retail supply reaches 1,052 million square meters. Including Thiso Mall, a new shopping mall in the East in the fourth quarter of 2022, contributing about 33,000 m2 to the total supply. Four projects are expected to launch in 2023, namely Central Premium Plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart on Phan Huy Ich Street, contributing more than 116,000 square meters of new retail space.
Together with the renovation/relocation as well as the increase of new supply by the end of 2022, this quarter’s occupancy rate reached 88%, lower year-on-year and quarter-on-quarter. Rents recorded a positive growth thanks to new supply and upgraded supply, reaching 49.3 USD/m2/month.
Upcoming supply from Thu Duc City includes shopping malls and residential community malls: Services for residents, food & beverage, home decoration, lifestyle & entertainment .
The upcoming supply from District 1 is mainly community malls: High-end fashion brands, employee-oriented personalized services, tourist-oriented entertainment.
Notably, in the fourth quarter of 2022, Diamond Plaza reopened on December 16th, 2022 after renovation, with the appearance of many high-end and luxury brands with rich items such as Jo Malone, Chanel , Lilliput, %Arabica, Beauty in the Pot hotpot…
Thiso Mall (Thu Duc City) officially comes into operation in late 2022 – early 2023, meeting the needs of both affordable and high-end consumers: Uniqlo, Starbucks, Highlands Coffee, Pizza 4P’s, Levi’s, Adidas, Valentino Creation …
Thao Dien area, Thu Duc district is gradually becoming a center of entertainment and high-class dining when gathering some new famous brands such as Runam, Yen Sushi, L’Usine…
Besides the entry and expansion of international brands, domestic brands also grew significantly, expanding throughout the market. Retail brands pay more attention to product experience space in store/store design, providing a more comprehensive experience for customers.