Retail therapy: smaller cities are building shopping centres to cash in on local consumers and tourism
One of the latest property’s on offer is the Imperial Plaza, which is due for completion in Vung Tau city by the end of the year. The centre has 6,000 square metres of shopping space for lease at $5 to $40 per sqm a month.
The plaza is part of a hotel and residential complex that will be completed next year, featuring 150 five-star rooms and 60 serviced apartments.
Richard Leech, retail director of CB Richard Ellis, the marketing agent for Imperial Plaza, said retailers would be able to take advantage of a wide market appeal aimed at providing entertainment and convenience shopping in a modern environment.
Target customers for prospective retailers at the plaza include the resident population in Vung Tau, people staying in the hotel and serviced apartments, and tourists.
A number of tourism and entertainment projects to be completed in the next few years are expected to give Vung Tau stronger tourist pulling power. New developments include an $87-million cable car system and hotel complex, two five-star hotels and a number of smaller hotels.
However, the property consultant said short time tourist stay and a lack of entertainment options represent Vung Tau’s weakness in attracting retailers.
In addition to Vung Tau, other malls are emerging in Haiphong, Danang and Nha Trang where retailers can also earn from tourists and local population.
The biggest mall outside Hanoi and Ho Chi Minh City is expected to open by the end of this year in the northern port city of Haiphong. The TD Plaza has 23,000sqm for lease to MegaStar, a cinema operator, and Parkson, a Malaysian retailer.
Danang is the next location for retailers with Indochina Riverside Towers and Vinh Trung Plaza slated for opening within the next couple of years.
Meanwhile, the VinPearl Shopping Village opened last month in Nha Trang’s Hon Tre island, providing 6,000 square metres for lease. Another shopping centre in the coastal city, the Nha Trang Central with 10,000sqm, are still under construction.
No. 781/October 2-8, 2006