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High grade shopping malls now poorly patronized
In April, Kumho Asiana Plaza Saigon closed retail kiosks and shifted to another type of business. Meanwhile, some other shopping malls have also seen the turnover decreasing by 20-40 percent in comparison with the same period of the last year.
Few buyers
The big shopping malls in districts 1, 5, 11 and 7 in HCM City were still crowded last weekend. However, people just visited the shopping malls, while they did not make purchases. At Vincom center in district 1, a lot of people were seen sitting in front of the center contemplating scenes. Although there were many people inside, they did not purchase goods.
At the cosmetics stall on the first floor, which faces the Dong Khoi Road, where there were eye-catching decorative lamps; a group of youths was seen taking pictures. There were about 10 saleswomen at Runway fashion stall, but the number of visitors to the stall was always lower than the number of staff.
According to Quyet, the shop’s manager, fewer people come to buy goods these days. Especially, many people drop into the stall, but they do not make purchases.
Parkson, the shopping mall located opposite to Vincom, was also in the same situation. The cosmetics stalls on the first floor of the shopping malls did not see many visitors. Meanwhile, the stalls on the upper floors, including Clarks or Geox footwear stalls, only received visitors, not buyers.
Business does not go smoothly
Duong, the owner of T brand children’s wear, who is leasing stalls at different high grade shopping malls in HCM City, complained that the sales have dropped by 15 percent in comparison with the same period of the last year, because there have been few buyers.
Duong said that he has to pay rent of 70 million dong per month for a stall on the second floor of Vincom shopping mall. Meanwhile, he can sell only several kid’s clothes a day. Despite the slow sale, Duong still has to continue leasing the retail premises, because the leasing contract has the validity of three years and he had to pay money for six month rent already. If Duong gives back the stall right now, he will lose the deposit money, while he fears he will not be able to rent the premises later, when the purchasing power increases and business goes better.
At Tax trade center, a manager said the number of visitors has decreased sharply by 30 percent. At Zen Plaza, according to Trieu Thi Huong Giang, Deputy General Director, though there is no idle stall, the turnover has decreased by 20 percent from the same period of the last year.
“Those customers, who have demand, purchase fewer goods nowadays than they did previously, while visitors always think very carefully before making purchases,” Giang said.
In order to boost sales, shopping malls are trying to lure customers with sale promotion programs. At Tax Trade Center, many shop owners are considering selling less expensive products instead of luxurious products. Meanwhile, retailers are trying to persuade shopping mall developers to reduce the retail premises rents.
According to Duong, a shopping mall in district 1 has agreed to cut down the rent by 45 percent.
It’s difficult now to lure customers
According to Tran Quoc Chung, General Director of Phuong Phat Company, the distributor of perfume products of hundreds of brands, medium class people have been divided into two groups: the first one has cut down spending, while the other group still continues using branded goods. However, there are not many luxurious products in Vietnam which can satisfy the group of customers.
Huy, who has VIP buyer’s pass at many shopping malls in HCM City, said that there are few well known brands in Vietnam, while the products are very expensive; therefore, it is difficult to choose products. He said that he could purchase a branded handbag in Singapore, which was cheaper by 20 percent than the same product in Vietnam, while a pair of glasses he bought in Hong Kong was 30 percent cheaper.
vietnamnet, SGTT
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