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Aeon looks to turn on retail charm
Japan’s Aeon retail group is entering the Vietnamese market with a shopping and entertainment centre in Ho Chi Minh City.
Aeon’s centre will be located in Tan Phu district’s 82.5 hectare Celadon City, the urban complex is developed by Tan Thang Saigon Commerce Real Estate Investment, a joint venture between Sacomreal and Malaysia-based Gamuda Land Corp.
Aeon’s $100 million centre will cover 3.5ha, with a 45,000 square metre shopping area in step with an entertainment area.
The Aeon centre will be inaugurated in 2014 and the firm targets to build up a total of 10 more centres like it in the future.
In Hanoi, Aeon’s first shopping centre will be inaugurated in 2015. Moreover, a chain of specialist shops and 24-hour shops are also planned by Aeon. “In ASEAN, we achieved big success in Malaysia and we will apply our experiences in Vietnam,” said Nishitohge Yasuo, general director of Aeon Vietnam.
Aeon’s research in Vietnam shows the growth of retail market of Vietnam is only 5 per cent in 2011, much lower than the growth of 10 per cent in 2010.
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