Crescent Mall site of third H&M Vietnam store
HCMC shopping mall to see opening of third H&M Vietnam store on September 8.
Crescent Mall in Ho Chi Minh City will official welcome Vietnam’s third H&M Vietnam store on September 8.
After entering the country in 2017, H&M Vietnam has opened stores in both Hanoi and Ho Chi Minh City, achieving record-breaking sales with each successive opening.
Crescent Mall offers approximately 45,000 sq m of retail space and delivers an international-standard shopping complex amid the tranquility of a lakeside environment.
The fourth quarter of 2019 will see the opening of a further 11,200 sq m of retail space in a new phase as well as a 25-story office tower. This will provide Crescent Mall with further momentum as one of Vietnam’s leading shopping malls.
With professional asset management from Savills Vietnam, Crescent Mall provides international-standard facilities for numerous high-profile tenants and was selected by Savills Vietnam as the new location for the latest H&M store in Ho Chi Minh City.
Ms. Tu Thi Hong An, Associate Director of Commercial Leasing at Savills HCMC, said that having been active in the city’s retail property market for over 20 years, Savills was very pleased to provide advice on the transaction. “Crescent Mall is fortunate to be in an area where expansion is still possible,” she said. “Compared to other areas in the city, District 7 has been planned and zoned well by developers Phu My Hung. We hope H&M will be very happy in this new location.”
According to Ms. Joanne S. Gasgonia, General Manager of Crescent Mall, it has been successful in understanding shoppers. “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,” she said. “It is all about brand trust, brand love, and brand affinity.”
A report from Savills noted that, retail turnover in Vietnam last year was $129 billion, increasing 11 per cent year-on-year to a level quite high in the ASEAN region.
Its retail market has enormous potential. In 2018-2021 it is expected to grow steadily with rising demand for leisure (10 per cent per year), modern groceries (9 per cent per year), and apparel (6 per cent per year). Revenue from fashion, personal services, F&B, and entertainment such as gyms, fitness centers and cinemas will all rapidly increase over the years to come.