Retail center Discovery Complex in Hanoi’s Cau Giay District has eight floors of retail space but five of them showed no signs of activity on Mar. 2.
The mall was built in 2018 but only received fire safety approvals this year.
On the fourth floor are stuff left behind by an amusement arcade and some shops, white powdery dust all over the place and broken flooring.
The restaurants on the fifth floor have closed but not moved out their furniture and decorations. The elevator does not stop on this floor, and customers can only go to the seventh floor where a seafood restaurant remains open.
Artemis Mall in Thanh Xuan District also appears deserted. A few banks on the ground floor are the only businesses there.
The 27-floor Artemis building, which comprises 19 floors of apartments, six floors of office space and two retail floors, was built in mid-2017 on a 100,000-square-meter plot of land.
MIPEC Tower in Dong Da District is also deserted after many businesses left. The mall on the ground floor is closed and inquirers have to ask the staff to unlock it to enter.
Similar scenes can be found at many prime locations in HCMC including Nha Be District, Districts 7 and 1 and Thu Duc City.
The landmark Bitexco building has seen many businesses leasing space from the third to sixth floors leave since mid-February.
Most customers only show up on the ground and second floors where a hotpot restaurant and a coffee shop are still open.
Refurbishment signs have been put up from the third to sixth floors.
A Bitexco spokesperson told VnExpress that the company is reviewing its contracts to renovate and upgrade the skyriser to give customers new experiences.
The average occupancy rate at retail properties in HCMC has fallen by 5% points year-on-year in 2023 to 88%, data from property research company Cushman & Wakefield Vietnam shows.
Cushman & Wakefield said the vacancies at retail locations only represent a small proportion and do not affect the property industry much.
Last year 12 new retail brands entered HCMC, seven expanded their store networks, one moved to a new location and only one quit from the market.
Property management company Savills Vietnam said that in non-central areas some retail properties could have difficulty attracting tenants due to their location and age.
