Hanoi's retail space occupancy rate hits five-year high

October 17, 2017 | 02:17 pm GMT+7

Vietnam is forecast to see more growth in the retail segment thanks to rising purchasing power.

Hanoi's retail space occupancy rate reached 95 percent in June, the highest figure in five years thanks to recent growth in the retail sector.

The capital enjoyed an increased occupancy rate of six percentage point from the previous quarter and 11 points on-year, according to a quarterly report released by consulting firm Savills.

As of September 30, Hanoi's retail space had reached around 1.3 million square meters with shopping centers accounting for the majority.

Notably, retail space for lease in the central district of Hoan Kiem was all occupied, the report noted. Other downtown districts including Hai Ba Trung, Dong Da and Tay Ho also witnessed an increase in both rental prices and occupancy rates.

"The 8.1 percent rise in retail sales revenue in Hanoi this quarter against the same period of last year has helped boost retail space occupancy significantly," said Do Thu Hang, deputy director of Savills Hanoi’s research division.

Vietnam is also emerging as an important market for retail expansion. The country is one of the fastest developing countries in the region where the number of middle and high income shoppers and consumers is steadily increasing. 

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