Hanoi opens door to luxury retailers

Luxury retailers are entering the Hanoi market in droves

CB Richard Ellis retail service director Richard Leech said the area around the Sofitel Metropole Hotel was the most sought-after in the previous quarter. Salvatore Ferragamo and Bally Shoes have taken stores at the Ngo Quyen street entrance into the hotel, complementing the Louis Vuitton shops, which has tripled space.
The Opera Business Centre on Ly Thai To street can boast a first for Vietnam with the opening of the first Burberry stores outside of an airport while Dunhill, Estee Lauder, Shiseido and My Way Café have also moved into the property that is due for completion soon opposite to the Hanoi Opera House.
CB Richard Ellis reveals that the high point of retail rentals for prime locations appears steady at around $90 per square metre per month, including service charges, excluding value added tax.
Pacific Place on Ly Thuong Kiet street is the next hotspot for retailers. The complex is due for completion next March consisting of 16,500sqm of grade A office space, 179 luxury apartments and 6,400sqm of prime retail, a food court and five underground parking levels.
Chesterton Petty Vietnam, the exclusive marketing agent for the complex, confirms the leasing of the retail component is proceeding at a rapid rate with the large majority of the space available having been secured by quality retailers.
Monthly rental levels for the Pacific Place’s ground floor is between $40 to $60 per square metre and Mark Farquhar, associate director of Chesterton Petty, said the retail space was oversubscribed.
Chesterton Petty has also been appointed as marketing agent for Ruby Plaza in Le Ngoc Han street. The 16-storey building will have six levels available for prime retailers in addition to a 680 square metre luxury day spa offering a full range of treatments and a rooftop bar restaurant with fantastic views across the city.
Farquhar said: “We see a unique opportunity for high-end retailers to locate themselves in what will be one of the most sophisticated retail environments in Vietnam.”
Developed by TTD Gems, Ruby Plaza has gross floor area of 11,000 square metre. Owner Do Minh Phu said the project would offer boutique, high-quality products for the discerning shoppers.



No. 785/October 30-November 5, 2006