Luxury brands are looking for high-quality retail space in District 1 – the downtown area of Ho Chi Minh City, according to Savills Vietnam.
Savills data reveals that F&B, sports, and cosmetics retailers led leasing activity across the region in the second half of 2023. Outdoor retailers are also expanding, while entertainment and experience-based brands are taking up more space in shopping centers.
According to the company’s statistics, retailers in F&B (food and beverage), sports and cosmetics led leasing activity across the area in the second half of 2023 and the first months of 2024.
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Savills Vietnam noted that retail activity in Ho Chi Minh City was stable with occupancy rates remaining unchanged at 92.5% quarter-on-quarter.
By category, fashion had 50% of transactions, followed by F&B with 20%, and health and beauty with 15%.
Giang Huynh, Deputy Director of Savills Research & S22M, held that the HCM City retail market is on a strong growth trajectory driven by several positive factors, including rising income and population prospects, continuously improving retail quality, and economic development.
According to Statista, a German online platform that specialises in data gathering and visualisation, the Vietnamese luxury goods market had revenue of $957.22 million in 2023. The industry is forecast to generate revenue of $992.20 million in 2024, up 3.65% year-on-year. Source: Vnexpress
