On September 8, 2018, H&M Vietnam will open its third store in HCMC at Crescent Mall and Savills Vietnam is pleased to be appointed as the leasing advisor for this transaction
After consultation with Savills Vietnam, Crescent Mall is selected as the new location for the latest H&M store in HCMC. After entering Vietnam in 2017, H&M Vietnam has opened stores in both Hanoi and HCMC, achieving record-breaking sales on each successive opening.
Crescent Mall offers approximately 45,000sqm of retail space and delivers an international standard shopping complex, amidst the tranquillity of a lakeside environment. With professional asset management by Savills Vietnam, Crescent Mall provides international standard facilities for numerous high-profile tenants.
In Q4/2019, Crescent Mall will see the opening of a further 11,200 sqm of retail space in a new phase, as well as a 25-storey office tower. This will provide Crescent Mall with further momentum as one of Vietnam’s leading shopping malls.
According to Joanne S. Gasgonia, General Manager of Crescent Mall, the mall has been successful in understanding consumers:
“We have gone beyond the usual demographic targeting and not only tried to understand and predict what the market thinks but most importantly, what the market feels. It is all about brand trust, brand love and brand affinity. Crescent has also been steadfast with positioning and never compromised the high quality of the international mall experience we have promised our shoppers since day one”
Tu Thi Hong An, Associate Director of Commercial Leasing, Savills HCMC, said: “Having been active in the retail property market in HCMC for over 20 years, Savills was very pleased to provide advice on this transaction. Crescent Mall is fortunate to be in an area where expansion is still possible. When compared to other areas in Ho Chi Minh, District 7 has been planned and well zoned by Phu My Hung. We hope that H&M will be very happy in this new location.”
In 2017, retail turnover in Vietnam was US$129 billion, increasing strongly at 11% YoY, a very high level compared with elsewhere in the ASEAN region. Vietnam’s retail market has enormous potential. In 2018-2021, it is expected that the retail market will grow steadily with the increased demand of leisure (10% pa.), modern grocery (9%pa.) and apparel (6%pa.). Sales of fashion, personal service, F&B and entertainment such as gyms, fitness centres and cinemas will all rapidly increase over the years to come.
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