Shift of Hanoi retail space

Ms. TH (living on Vu Tong Phan Street, Hanoi) said that since the beginning of the year, many premises on Vu Tong Phan Street have been continuously moved away due to poor business. Although it used to be a central street, the busiest commercial street in Thanh Xuan District, for the past few months, according to Ms. TH, after 8 p.m., the rows of shops here are almost completely turned off, with only a few shops selling essential goods and food still lit up.

Also in Thanh Xuan district, after the tenant returned the premises at the end of April 2023, Ms. Le Huong (landlord on Thuong Dinh street) is currently posting a sign for rent on a 3-storey premises, area 115 m2 /floor with a price of 60 million VND/month. According to Ms. Huong, the tenant only needs to pay rent, deposit 1 month initially instead of paying 3 months rent, deposit as before to reduce pressure and cost burden, however, finding tenants is not simple.

Many stores on the streets of Thanh Xuan district (Hanoi) are continuously selling off goods at low prices to quickly pay for their premises.

In fact, according to experts, retail space on the street is constantly facing difficulties due to escalating rental costs while usable space is limited and parking areas are inconvenient.

Meanwhile, with great potential, many tenants, especially international brands, large domestic brands are planning to enter the Vietnamese market. The destination of the brands is the premises in shopping malls and modern commercial streets. The reason, according to Mr. Minh Ha - Chairman of North Star Asia, is that in addition to serving business, the location of premises in shopping malls and commercial streets also shows the position and contributes to the strategy of increasing brand recognition of many brands.

In particular, shopping malls are also targeted by many brands because this is the place to catch up with the trend of shopping combined with entertainment that is popular in the world. In terms of planning, these are locations with outstanding advantages in design standards, functionality, and large shopping spaces, integrating diverse utilities, attracting a large number of visitors.

Mega Grand World – The spectacular “transformation” of the Northern retail space

Grasping the needs and trends of the market, the Mega Grand World shopping - entertainment complex in Ocean City, invested by Vingroup, is expected to open in December in the East of Hanoi. This is an attractive outdoor commercial street complex model, full of potential for big brands when entering the Hanoi market in particular and the North in general.

The shops in the Venice subdivision are located in prime locations, with wide frontages, designed and planned to optimize commercial recognition, functionality, as well as viewing space.

The commercial street at Mega Grand World is designed and planned methodically, synchronously in the eye-catching landscape with the Venice River more than 800m long, 36m wide, bustling with Gondola boats carrying passengers, along with the Piazza square 7,000m 2 wide, 36m high clock, colorful shophouses in the Venice subdivision. The shops here are arranged on a corridor with 2 main roads with a total construction area of ​​each large house from 238m 2 to 500m 2 , wide sidewalks, 15m wide frontage road, youthful colors, eye-catching with trendy European architecture.

In addition, the K-Town subdivision recreates a modern but traditional Korea with Gangnam neighborhood, Itaewon cultural street, Hongdae culinary and art street, Myeongdong fashion and cosmetics shopping area...

100% of the shops at Mega Grand World have advantages in location and landscape when arranged along a large axis around the river longer than 1.7km, 1 side of the walkway with a colorful canopy. The row of shops on the river has a view of the poetic Venice River, the park or the square with a design of 4-5 floors and 1 attic to maximize the customer experience. Meanwhile, the row of shops on the main road is convenient for traffic, welcoming the flow of customers, shopping experience when next to many parking lots.

In order to increase consumer demand at each stop, a series of bridges at Mega Grand World have been built across the Venice River to connect the entire area. Accordingly, visitors can quickly move from Venice to K-Town via the East-West Bridge; from K-Town to Vincom via the Wave Bridge, similar to famous indoor and outdoor shopping malls in Singapore, Hong Kong (China)...

Moving from Venice to K-town via the East-West Bridge – the pedestrian bridge circulates the flow of visitors, creating a cycle of experiences, increasing customer spending.

The shopping - entertainment - recreation "universe" Mega Grand World becomes even more unique with a construction density of only 35%, the rest is space for experiences and entertainment, from the interactive live show on the river called "The Grand Voyage" bringing the ultimate art party, to the games "hand-carried" from the entertainment paradise VinWonders, or the entertaining events taking place every hour on every street corner... This is an extremely valuable attraction, so many big brands want to set up their flagship booths here.

Although still in the negotiation stage, many leading brands such as Starbucks; Elgaucho; Pizza 4P; Vietnam Speciality Expo, Trung Nguyen Legend Premium, Warning Zone, Mekong Connect, Italian Zone, My Long, Runam, Highlands Coffee, Louis Castel... have expressed their interest in Mega Grand World and have plans to be present at this shopping - entertainment - recreation complex with the most unique shopertainment model in the North.

It is noted that the list of famous brands is still being extended and will continue to be announced before the project officially opens in December 2023.

CAO TUAN