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Tony Milton MRICS

BSc (Hons) Est Man

Fast Facts

Date : Sunday, 04 October 2009
Category : Realty - HCMC Retail

CHRONOLOGICAL ORDER : Scroll to bottom for latest info


200809-Vietnam's big retailers such as Intimex, Saigon Co-op Mart, Phu Thai, Fivimart and Hapro are being attacked by foreign rivals such as BigC, Metro Caslf & Carry and Lotte Mart, who are rich in capital; experience and new tech¬nology, said Hanoi Trade Corporation GD. The Vietnam Association of Retailers (VAR) said that foreign retailers could accept losses within a decade to secure a firm niche in Vietnam's potential retail market. "Meanwhile, Vietnamese retailers are mostly newly-established and do not have much capital. They cannot suffer such a long period of losses. Since BigC opened an additional retail outlet in Hue, its 9th in Vietnam Saigon Co-Op's turnover has strongly decreased. If Big C continues opening more retail out¬lets, I don't know what will happen to local retail¬ers." The VAR said the plight was attributed to localities' granti¬ng business licences to foreign retailers to open more than one retail establishment. "However, under current regulations, foreign retail distributors are still required to sell through a single retail outlet and it isn't easy to set up a 2nd outlet," the MoIT's Domestic Market Department head said. The right of distribution was associated with the establishment of an initial retail outlet only, with additional outlets only approved on the basis of the so-called Econom¬ic Needs Test (ENT). "This is a very effective tool to help Viet¬nam's retailers cope with more and more foreign rivals. However, many localities fail to apply the ENT, as they want to lure as many foreign retail¬ers as possible. The VAR suggested that MoIT be in charge of granting licences to foreign retailers wanting to open more than one retail outlet, and ENT criteria needed to be clearer to help create a transparent and competitive business market. However, it is quite difficult to build a shared set of ENT criteria, as localities vary in develop¬ment and geography. The MoIT said that locali¬ties were building their own sets of ENT criteria. In the coming time, the ministry would make detailed retail planning in 10 big cities. VIR

090909-Several dealers at large markets in HCM City have been trying to buy houses on streets and alleys near the markets, sending property values soaring. Market stalls, which are some¬times inconveniently small, have gradually, come to be considered more a place for meeting clients and full size shops better places to show samples and do deals, ac¬cording to merchants. Many vendors said they would stop trading at market stalls altogether once their clients be¬came used to shopping in stores nearby. Near District 5's An Dong Market the prices have skyrocketed in recent years more than two¬fold compared to the 2005-06 pe¬riod, to around 500 tael / $610k of gold per unit. At Tan Binh Market one spent 270 taels / $329k of gold to buy a house measuring 3.5m in width located on a small alley in 2008 and this year wants to buy the next house with similar area to widen the shop but the price is 400 taels / $488k of gold. VNN

100909-The market research firm Nielsen has forecast that modern trade, referring to the activity at super¬markets, convenience stores, com¬mercial centers and the like versus traditional markets, will see its share in Vietnam's retail market ex¬pand to 20% this year and 24% next year compared to 18% last year. "We expect modern trade sales contribution to total retail sales across the country to rise to 20% by year-end and 24% in 2010." Nielsen said the number of modern trade stores in the two largest cities, namely HCM City and Hanoi, grew 16% in 2008 to 42%, and forecast the number would continue to increase this year. Despite its strong growth, mod¬ern trade in Vietnam is still poorly compared with that in other na¬tions in Southeast Asia. Nielsen data show the share of trade for modern self-service outlets is 90% in Singapore, 51% in Malaysia, 48% in Thailand, 45% in the Philippines and more than 36% in Indonesia. The smaller share, however, means there is room for more players in Vietnam, a market where top five chains Saigon Co.op, Big C, Citi¬mart, Maximark and FiviMart take up the lion's share. Nielsen said international players had eyed the Vietnamese market and saw it as a potential destina¬tion even though the competition was increasingly fierce with the opening up of the market under the country's commitment to the global trade club WTO. SGTW

121009-Vietnam started to open up its retail market in 2007 and totally opened it in 2009 pursuant to WTO commitments. In the year to date, however, not a single new foreign retailer was licensed in Vietnam, and the market witnessed only lo¬cal and foreign retailers who had been licensed to invest in Vietnam years ago, including Big C, Parkson and Lotte. As of 2008, Vietnam had some 8,300 traditional markets and over 400 supermarkets and shopping malls compared to 10 supermarkets and 2 shopping malls in 1995. Modern retail channels have re¬cently accounted for 18%-22% of the retail market. SGT

121009-Executive Chairman of Retail Asia said retailing is a very significant part of the economy and is very much driven by the economy's expansion. Vietnam's high GDP growth is tremendous driver of the retailing industry. The Vietnamese consumers are also progressing in their lifestyle and in what we call the middle-class consumer popu¬lation, particularly in urban areas. However, there are a lot of chal¬lenges for retailing in the immediate future, relating to infrastructure, retail management and operation, skills and application of informa¬tion technology. Management skill is one of the key challenges because thatis going to drive howfast, broad and deep the growth of the industry is going to be. However, Vietnam will be able to take leapfrog and achieve what Singapore, Hong Kong, Malaysia and Thailand have accomplished in a much shorter time if the country can learn from their experiences. If we take 10 years or 30 years (to develop the retail industry), maybe Vietnam will take seven or 18-20 years. SGT

171009-The average rental price for retail space remained stable at around $105.3/sqm in downtown HCM City but the 4th Quarter is ex¬pected to see the opening of significant shopping centres, including Kumho Asiana Plaza in District 1 and Hemington and Everich in District 11, adding an addi¬tional 56,338sqm to the mar¬ket. VNN

191009-Viet¬nam's retail rental growth rates increased some 9.5% in the 3rd Quarter and some 19% compared to the same period 2008 so average asking rents in central business district department stores remains stable at some US$105/sqm per month at prime locations, while rents in some shopping centers outside the central business districts continue to fall. However, the strong rental demand will be eased pretty soon as some shopping centers with significant retail space will join the market in the 4th Quar¬ter. The Vincom Center Shopping Mall will supply the market with some 57,700sqm of retail space, with 3 base¬ments and 3 above ground levels that link to the 26 floor building. As per design, the 3 basements are for entertainment, restaurants, household appliances, home decor and fashion. Meanwhile, the above ground levels will be venues for shoppers who love international fashion and cos¬metic brand names. There are also food courts serving specialties and coffee bars for guests to relax and contemplate the city center from above. The developer also woos potential ten¬ants with a 40,000sqm parking lot basement, which will offer more con¬venience for shoppers. In addition to the space for retail service, Vincom Center Shopping Mall will provide the market with some 76,000sqm of Grade A office space. Besides Vincom's project, Kumho Asian Plaza is expected to join the market this year with two tenants, Debenhams, a department store from the UK, and Hard Rock Cafe. The retail market will see a significant supply in 4th Quarter as several shopping centers open to provide another 56,300sqm. Besides the Kumho Asiana Plaza project 2 other property projects in HCMC's Dis¬trict 11, The Flemington and The Everich, will add more new stock. Fashion and food and beverage remain the key demand drivers, and the food & beverage sector alone will account for over 30% of enquiries for retail space. As of the 3rd Quarter there are 22 developments with approximately 200,000sqm of retail space in HCMC. The market will have some 400,000sqm of retail space by 2011. SGT

271009-Retail shops have great future potential because currently only 6% of Vietnam’s population shop at supermarkets, while 80% in the US; 70% in EU; and 12% in China, according to VinaCapital. VNN

021109-There's a retail revolution coming to Viet Nam. The growing middle class of Vietnamese comsumers are becoming savvier and more discerning about their product quality and shopping ambiance. At the same time, the prices of mid-range goods are com¬ing down. Together, these pressures will modernise trade in the country. "Rising incomes over the last 10 years have dramatically changed the buy¬ing habits of Vietnamese consumers," said Kantar Worldpanel & TNS Viet Nam. "With 56 per cent of the population under 30 years old, Viet Nam has a large consumer market with young, demanding and newly sophisticated consgm¬ers." Retail sales in grew by 18-22% each year between 2003 and 2007. Despite the global fi-nancial crisis, total revenue from the retail sector in the first 8 months of this year rose by 18%. "As purchasing power has exploded, many con¬sumers have begun to prefer shopping in safe, clean and convenient, and sometimes indulgent places." Viet Nam currently houses around 230 supermar¬kets and hypermarkets, 23 trade centres, 165 wholesale markets and nearly 1m sqm of floor area under construction for retail business, according to Retail Chain. One key indicator of the changing retail landscape is the food industry, in which consumers are increasingly patronising brick-and-mortar stores instead of traditional markets. But the Economic Needs Test (ENT) is an instru¬ment allowed by the WTO to limit foreign access to domestic markets by requiring them to apply for a separate licence for each subsequent outlet after the first, with approvals made on a case-by-case basis based on 4 criteria: the number of existing outlets, market stability, population density and the conformity of the project with the province's planning. VNN

121109-The average rental for floor space in commercial centres in the city now is $100/sqm or 2.5 times the rent for an office. In downtown Ho Chi Minh City alone, commercial complexes are present in new buildings with most of them being smaller than 20,000sqm intended mainly for tourists and people on high incomes. It is expected that the city's retail sector will look different in 2010 when the city will have the Vincom commercial complex cover¬ing 58,000sqm. By mid-2010, when Vincom is in operation, the total floor space in commer¬cial complexes in the city's central District 1 will possibly be 150,000sqm and the whole city's retail floor space expected to be 250,000sqm. Pacific Star, one of the leading real estate investment companies in Asia, has entered Vietnam's property market with its first Sunrise City project, only 10 minutes from down¬town Ho Chi Minh City, with 70,000sqm of floor space by 2012 when it is completed. VIR

Parkson Flemington Trade Centre is the 4th shop¬ping complex in HCMC and has 6 floors with 26,000sqm developed by Thuy Duong. The center is located at 182 Le Dai Hanh in District 11 and includes commercial space, entertainment areas, offices and a high-end apartment complex. The project is near the Phu Tho Race Course. The center is considered the largest shopping center in Vietnam. “Our strategy is to continue opening 3-4 shopping centers a year across Vietnam's big cities in the near future." The company currently operates Parkson Saigontourist in District 1, Parkson Hung Vuong in District 5, Parkson C&T in Tan Binh District and shopping centers in Hanoi and in Haiphong. SGT

301209-By the end of the 1st Quarter of 2009, HCMC had 25 com¬mercial centres, 57 retail supermarkets and 3 whole supermarkets with a total area of 430,000sqm but the demand for international standard retail space, especially in the downtown area, will increase over the next 3 years. The city is to see more retail space on the way from to-be-launched residential areas and apartment build¬ings, such as the Sun Rise City (District 7), Royal Garden (District 7), Dragon Tower (Nha Be district) and Kenton Residences (Nha Be district). Sun Rise City alone will have about 70,000sqm for retail and services and Dragon Tower 9,000sqm. VIR

Some provisional figures featuring activities in the market in 2009 : -
Activities Residential Office space Retail space
Launched 33 projects with 10,948 units 238,585 sqm 36,440 sqm
Sold/taken 5,169 units 154,458 sqm 29,289 sqm
Expected in 2010 27,383 units 385,668 sqm 137,868 sqm

150110-The HCMC retail market has re¬corded an average occupancy rate of around 95% and average prime rents in the CBD are around US$99/sqm/mth with the highest up to US$250/sqm a month in prime locations in Grade A buildings. Meanwhile, rents in retail proper¬ties out of the CBD average out at around US$46.5/sqm. The retail market saw around 18% growth in retail sales. The market witnessed numerous mid-end and high-end brands enter¬ing Vietnam in the last year, such as Naf Naf, Morgan de Toi, Mexx, Hard Rock Cafe and Debenhans among others. However, some large scale international brand operators such as Tesco or Wal-Mart remain on the sidelines. There are 22 shopping centers and department stores in HCMC with 256,000sqm of gross floor space, and the retail market is expected to see some 130,000sqm of retail spaces supplied in 2010, with half in the CBD area. Vincom Center alone will provide the mar¬ket some 53,700sqm and the Bitexco Financial Tower 20,000sqm. Some 80% of the total space in the Vincom Center project has been leased with rents at some prime lo¬cations at US$200sqm per month. SGT

180110-Parkson Viet Nam recently opened the country's largest shopping mall, the 26,000sqm, Parkson Flemington, in HCM City's District 11. It is the Malaysian retail chain's 4th outlet in the city and 6th in the country; it owns 4 and manages the other 2. General director There were plans to add 2-3 more outlets every year, including 2 in Ha Noi this year, because of the chain's successful performance. The hard part for him is to find large spaces in the right places. The CBD (central business district) saw some major new supply 2009 with the opening of Vincom Galleries in Ha Noi and Kumho Asiana Plaza in HCM City, both of which were launched with an occupancy rate of more than 80%. In HCM City the vacancy in CBD shop¬ping centres stood at only 0.7% at the end of 2009, by which time the aver¬age rent had risen by over 25% to more than US$97sqm. But at Vincom Tower in HCM City's District 1, which is expected to o en in late April, the price has topped $200. It has already leased out 80% of its over 50,000sqm of retail space. The Bitexco Financial Tower is also ex¬pected to be completed soon in the CBD. These 2 buildings will add around 70,000sqm to the existing 256,000sqm of retail space at the city's 22 shopping centres and department stores. Buildings to opening the city's other areas include the Lotte Everich and Flemington in District 11 and Crescent Mall in Phu My Hung. VNN

250110-Rents in downtown HCMC are high at about VND180m / $9,735 for 60-70sqm shop and hard to find ie $139-162sqm/mth. SGTW

250110-HCMC has a total retail stock of 256,025sqm at some 22 shopping centres and department stores. The city's retail space will more than double in the next 2 years and total supplies until 2013 may reach 740,000sqm, tripling the current amount. Non-central business district (CBD) retail spaces will increase by almost 50% in 2010, and 7 times more in 2013. Prime retail space in the CBD was $99sqm and average prime rents outside of the CBD was $47sqm, with the highest rents in the CBD reaching $250. But retail businesses at present are only robust in CBDs in both Hanoi and Ho Chi Minh City. One example is the high vacancy rate in District 7's Saigon Paragon which was launched in early 2009. Retail projects to' come online in the near future include Vincom Cen¬tre (53,7000sqm), Bitexco Finan¬cial Tower (20,000sqm), Saigon M&C Tower (23,000sqm), the Everich (24,000sqm), the Crescent Mall (44,000sqm), Sunrise City (70,000sqm), 600,000sqm Metropolis complex, Sports City (80,000sqm) and Saigon Finan¬cial Centre (186,500sqm). VIR

2320210-Retail space rent in HCMC has slightly increased with the highest rate reported at Diamond Plaza at US$220/sqm mth. SGT

280210-In recent months, interna¬tional brands have scrambled to secure scarce retail space in down¬town commercial centres while restaurant chains are being opened on major streets nationwide. Average occu¬pancy rates in HCM City retail spaces now stood at 95%. With the rising demand for retail space, prices have been forecast to continue climbing in 2010. Average rental prices for retail space in Ha Noi and HCM City currently stand between US$60-100/sqm. In central business dis¬tricts, rents have even risen to $250 per square metre per month. In HCM City's Vincom Centre, rents now average $200/sqm and 80% of available retail space has already been leased, even though the centre is not due to open until the end of April. In HCM City a further 740,000sqm of retail space will be developed over the next 3 years, doubling current sup¬ply. VNN

060310-Saigon Co.op is seeking to expand its business scale beyond traditional supermarkets by ready¬ing itself for a huge shopping mall project costing some US$200m in District 7 with Singapore's MapleTree and Saigon Transportation Mechanical Corp. (Samco). The three partners will hold respective stakes of 65%, 30% and 5% in the shopping complex cover¬ing over 42,000sqm and including a 7 story shopping mall with more than 70,000sqm of floor space and a 20-story office building with more than 100,000sqm. SGT

160310-US sandwich chain Subway plans to set up under the franchise model, with investment capital of around US$100,000 for the first outlet. "We expect to open 25 stores in the next 5 years.” Worldwide sales amounted to US$13.8 billion. SGT

190410-Vacancy is low with shopping centres reporting a fall to 7.3% from the previous quarter's 7.7%. The market continues to strengthen as retailers are forced to compete for the few prime loca¬tions that are available although Vincom Centre will open this month with 58,000sqm of retail space. Rentals for some premium space in the building's ground floor could be as high as $250/sqm, compared to an average $109 in the central business district. VNN

250410-Saigon Co.op inaugurated a new store in the city and will open another in Hanoi bringing the total nationwide to 44. Co.opMart Phu Tho at the Phu Tho apartment building in HCMC's District 11 is the 24th outlet of Sai¬gon Coop in the city. Saigon Co.op has invested VND50bn / $2.6m in the 6,500sqm store. The new store includes an entertainment area, fashion stores, a fast food joint and a restaurant. Saigon Co.op last week also opened its 9th convenience food store in HCMC. The new Coop Food store is locat¬ed at 405 Hoang Van Thu Street, Tan Binh District. Open from 6 a.m. to 9 p.m. every day, the new store stocks a wide range of fresh, processed, semi¬ processed, cooked and frozen foods. It plans to increase the number of supermarkets from the current 44 to at least 52 by the end of the year, and that of newly established food stores from the current eight to 20. In the medium term, it targets to scale up the number of its supermar¬kets to 100 by 2015, besides opening 12 more convenience food stores in HCMC, Saigon Co-op obtained over VND8.57tr / $448.7m in revenue last year, up 35% on 2008, with the Co.op Mart chain contributing over 96.9%. It expects revenue this year to rise 34% to VND11.5tr / $602m. SGT

030510-The 26 storey Vincom Center complex project, which covers an area of some 7,400sqm is designed with 57,700sqm for retail spaces, some 80,000 Grade A office spaces and a section for serviced apartment. Besides, three basements will be used for services of entertainment, restaurant, house¬hold appliances, home decors and fashion sections. Some 90% of shopping mall space has been filled on opening of which 70% opened their stores on the first day. There was no new supply in the 1st Quarter. In the CBD, department store rents increased 3.3% to US$108.8sqm and shopping center rents increased nearly 1% to US$98.10sqm as compared to the previous quarter. Vincom Center joined the retail market with the highest rates within the CBDs, from US$200 to US$250sqm per month. At present there are 493,000sqm for retail spaces in HCMC. These spaces come from 6 department stores, 17 shopping centers, 6 retail podiums, 60 supermarkets and 3 wholesale markets in the city. Some 100,000sqm of new supply will enter the market this year and more than 400,000sqm of new supply to enter the market from 2012 onward. SGT

060610-The Bitexco Financial Tower will join the market with average monthly rent at US$90sqm. The highest retail space rent is seen at the newly opened shopping mall Vincom Center. SGT

210610-According to the Ministry of Industry and Trade, the national total retail sales of consumer goods and services in the last five months reached VND620 trillion (US$32.6 billion), a year-on-year increase of 26.9 per cent. The fig¬ure is estimated to increase by 20 per cent to VND 1.44 trillion (US$75.8 billion) by the year-end. At least 15 major foreign retail¬ers, including Wal-Matt, Carrefour, Tesco, Circile, Metro Cash&Carry, and Casino, have set up business or plan to do so in HCM City. The US-based A.T. Kearney Alliance said the market was expected to have a turnover of US$85 billion by 2012, with many domestic and foreign retail firms intensifying investments in hope of expanding market share. The Citimart chain owned by the Dong Hung Company typi¬fies the trend. The company has just bought four Family Mart su¬permarkets from Parkson Viet Nam, increasing its total supermarkets to 30. This is the first time in Viet Nam that a domestic re¬tail company was a franchise buyer from a foreign company. Citimart General Director Nguyen Anh Hoa said Citimart decided to buy the Family Mart supermarkets of Parkson since most customers of the latter are high-income earners. Many other retail enterprises have also focused their invest¬ments and expanded retail sys¬tems. Sai Gon Co.op plans to open 10 new supermarkets this year, increasing its total number to 50, with a yearly turnover of about VND1 1.5 trillion ($605 million). Metro Cash&Carry will con¬struct two new supermarkets in the provinces of Binh Duong and An Giang. Parkson Viet Nam also plans to open two new trade cen¬tres in Ha Noi and Da Nang. Japan's Family Mart retail com¬pany is due to increase its net¬work to 100 in Viet Nam, with the first five new convenience stores in HCM City. The VND1.8 trillion Crescent Trade Centre of the Phu My Hung Joint-Venture Corporation will make its debut with about 200 stores by the end of 2011. The strong development of re¬tail systems in the country has led to higher prices for retail space in HCM City, where the price has risen by 3 per cent downtown and 4 per cent in District 7 and Binh Thanh and Tan Binh districts. A.T. Kearney Alliance said Viet Nam's modern retail system ac¬counted for only 18-20 per cent of the domestic retail market's struc¬ture. VNN

210610-Recent market surveys conducted by market research companies show home appliances sales in Vietnam could potentially reach US$3bn per year and that annual growth is forecast at 21-25%. SGT

200610-Average rents in the central area of HCMC have reached US$100sqm. The city is the magnet for many big investment projects by big retail groups. SGT

090710-According to the HCMC Industry & Trade Dept the city now has 15 trading centres of which 9 are foreign owned. VIR

100710-Retail rental rates within the cen¬tral business district hit an all time high of $120.90, increasing from $100.50 in the 1st Quarter. Vincom Centre added 58,000sqm or an additional 39.5% of retail space to the CBD, giving homes to new retailers to the Vietnamese market in¬cluding Just Cavalli, Jimmy Choo and BCBG. Away from the CBD, rental rates showed a decrease in the period under review, decreasing by 3.3% points to $46.2sqm. Given the increase seen in the 1st Quarter this shows that there is some fluctuation within the non-CBD market and that ulti¬mately retailers are retaining their preference for CBD loca¬tions. According to Savills, Q2 re¬corded 4 new retail centres: Vincom Centre Shopping Mall, Lotte Mart Phu Tho, Maximark Ba Thang Hai, and Co-opmart Phu Tho, with around 113,000sqm. At present, there are 6 de¬partment stores, 19 shopping centres, 6 retail podiums, 61 supermarkets and 3 whole¬sale markets in the city with a total area of approximately 602,000sqm. Occupancy rate this quarter for the whole of the retail mar¬ket was at 96%, a slight increase of 1% q-o-q. This year 100,000sqm of new supply is ex¬pected to enter the market while 2012 and onward will be big years as 429,000sqm of new supply are ex¬pected with the completion of some major projects. VNN

140710-Vincom centre pro¬vided 57,640sqm GFA to the market lead¬ing to retail space within the CBD increasing by 39.5%. Retail rental rates within the CBD hit an all time high of $121/sqm, increasing from $101/sqm in the 1st Quarter, while away from the CBD, rental rates showed a decrease in the period decreasing by 3.3% to $46.2/sqm. VIR

190710-The market got four new retail cen¬ters -Vincom Center Shopping Mall, Lotte Mart Phu Tho, Maximark Ba Thang Hai, and Co.opMart Phu Tho in the 2nd Quarter which provide the market with some 112,700sqm of retail space. As compared with markets in comparable regional cities, the HCMC retail market is still small, with 6 department stores, 19 shop¬ping centers, six retail podiums, 61 supermarkets and three wholesale markets having a total area of some 602,000sqm. Occupancy in the retail market in the 2nd Quarter was 96%, a slight quarter-on-quarter increase of 1 percentage point. All 6 department stores reported full occupancy. With an extra 57,640sqm of gross floor space being added to the market, the aggregate retail area in the central business districts in¬creased by 39.5%. Fashion, lifestyle and food and beverage retailers continued to dominate leasing activ¬ity with 46,250sqm of retail new absorption in total. Average retail rents in the cen¬tral business districts were around US$121sqm increasing from US$100 in the first quarter. This was boosted by the rents achieved at Vincom Center ranging between US$115-US$231sqm. Meanwhile, rental rates outside the central business districts fell by 3.3% points to US$46sqm. Some 100,000sqm of new supply are expected to enter the market this year. From 2012 onward, more than 429,000sqm of new retail space is expected to enter the market upon completion of some major projects. SGT

210710-At present, there are 6 department stores, 19 shopping centres, 6 retail podiums, 61 supermarkets and 3 wholesale markets in the city with a total area of approximately 602,000sqm. Approximately 100,000sqm of new supply is expected to enter the market in 2010. The year 2012 and onward will be years to see more than 429,000sqm of new supply are expected to enter the market with further expansion into suburban districts. Notably District 7 is expected to record more than 37% of the new supply in the next few years. VIR

140910-“We have seen unreasonable increases in rents in central areas such as Districts 1 & 3,” with reported escalating rent increases hitting as much as USD$96.6-123.8/sqm. VIR

211010-Retail rents in non-¬CBD locations continue to trend downward as tenants new to the market prefer the CBD. For example, Zen Plaza (District 1) is renovating and re-arrange its entire tenant mix. The 3rd Quarter rentals at depart¬ment stores remained large¬ly flat with average rents at the 6 department stores $64.90sqm, a slight decrease from $65.20sqm at the end of the 2nd Quarter. Prime shopping centre rents in the CBD increased 7.1% to an average of $132.70sqm. Shop house landlords in the CBD are taking advantage of the limited supply by increasing asking rents. VIR

281010-Bitexco Financial Tower’s will join the market with some 8,000sqm for retail space. Retail rents are offered from US$78 to US$124sqm. SGT

291110-There is some 545,000sqm of retail space in the city, including at su¬permarkets, retail podiums, department stores and shopping centers, The market saw vacancy down and central business district rents up 7.1% to an overall average of nearly US$133sqm per month. Mean¬while, the non-central business districts continued to see rental rates softening to an average of US$39sqm per month as retailers continued to prefer the city center. The food and beverage sector continued dominating the expansion in the market. Strong demand is expected to continue in the central business districts until more retail space from Bitexco Financial Tower, Times Square and M&C Tower comes online in the next two years. Meanwhile, districts 2 and 7 will get new retail com¬ponents within residential developments. It is forecast that the HCMC market will have an extra 245,000sqm of retail space by 2011, most of it located outside the central business district areas. However, over 900,000sqm of new retail space will enter the market in 2012 and 2013. SGT

121210-Japan's Ministop entered a partnership with G7Mart to develop a system of convenience shops in Viet Nam. Initial investment for the system of 500 shops nationwide by 2016 is US$10 million. Vietnam is the fourth country Ministop has selected for expansion outside Japan. There're currently 2,032 Ministop convenience stores in Japan, 1,381 others in South Korea, together with 320 and 12 stores in the Philippines-and China respectively. SGT
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