H&M opens third store in Ho Chi Minh City

This new H&M Vietnam store is located in Crescent Mall in District 7 of Ho Chi Minh City. After entering Vietnam in 2017, H&M Vietnam has opened stores in both Hanoi and Ho Chi Minh City, achieving record-breaking sales with each successive opening.

H&M's third store was opened in Crescent Mall in Ho Chi Minh City

According to Joanne S. Gasgonia, general manager of Crescent Mall, where H&M is located, the mall understands consumers.

"It is all about brand trust, brand love, and brand affinity. Crescent has also been steadfast in positioning and never compromised on the quality of the international mall experience we promise our shoppers since day one,” Gasgonia said.

Meanwhile Tu Thi Hong An, associate director of commercial leasing at Savills Ho Chi Minh City, said that with its 20 years of experience on the retail property market in Ho Chi Minh City, Savills was very pleased to provide consultancy on this transaction. “Crescent Mall is fortunate to be in an area where expansion is still possible. Compared to other areas in Ho Chi Minh City, the zoning in District 7 has been planned masterfully by Phu My Hung. We hope that H&M will be very happy in this new location,” An said.

In 2017, retail turnover in Vietnam was $129 billion, increasing strongly by 11 per cent year-on-year, a very high level compared to the ASEAN region. The Vietnamese retail market has enormous potential. In 2018-2021, it is expected to grow steadily with the increased demand for leisure (10 per cent per year), modern grocery (9 per cent per year), and apparel (6 per cent per year).

Sales of fashion, personal services, F&B, and entertainment, such as gyms, fitness centres, and cinemas, will all rapidly increase over the years to come. Crescent Mall offers approximately 45,000sq.m of retail space and delivers an international standard shopping complex, amidst the tranquility of a lakeside environment.

In the fourth quarter of 2019, Crescent Mall will see the opening of a further 11,200sq.m of retail space as well as a 25-storey office tower. This will provide Crescent Mall with further momentum as one of Vietnam’s leading shopping malls.