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Dong Khoi ranked 14th most expensive retail street in the world
Dong Khoi Street in the heart of Ho Chi Minh City continues to be among the most expensive retail destinations in Vietnam and ranks 14th globally, according to Cushman & Wakefield (C&W).
According to the latest report released on November 20, retail rents on Dong Khoi Street reached $330/square metre/month, up 32 per cent compared to the same period before the pandemic, but down 6 per cent compared to last year, mainly due to local currency fluctuations against the US dollar.
Trang Tien Street in Hanoi has a rental price of $300/sq.m/month), up 50 per cent compared to pre-pandemic levels and unchanged compared to the same period last year. According to the Asia Pacific Market Ranking in this report, Trang Tien has the 18th highest retail rental price in the region.
Trang Tien Street in Hanoi ranked as the 18th highest retail rental price in the region
The luxury retail market in Vietnam is growing strongly and attracting the attention of many international brands.
According to Bui Trang, country head of Cushman & Wakefield, Dong Khoi in particular is one of the busiest and most famous streets in the centre of Ho Chi Minh City, with proximity to many high-end hotels and famous tourist attractions, helping to attract a large number of potential high-end consumers.
The 34th edition of Global Retail Avenues continues to focus on 138 of the world’s most exclusive urban retail avenues, with exclusive data from C&W.
Synonymous with fashion and luxury, Via Montenapoleone has steadily climbed the rankings in recent years, reaching second for the first time in 2023. Rents rose 11 per cent to $2,047 per square foot in the past 12 months, whereas rents on Upper 5th Avenue ($2,000) remained flat for a second consecutive year.
According to a report by C&W, from 1996 to 2019, the market welcomed an average of 97,000sq.m of retail space each year.
The retail market grew strongly from 2013 to 2019, with 195,000sq.m of new retail space entering the market each year.
However, in the past five years, the sector has shown signs of slowing down in supply, especially in central core areas, which has been the main driver for rental prices. By Q3/2024, the total retail supply in both cities had reached about 2.56 million sq.m.
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