H&M set to open third store in Crescent Mall, HCMC

Crescent Mall has been chosen as the venue for the most recent H&M store in Ho Chi Minh City (HCMC) after consulting with Savills Vietnam. Since its first arrival to Vietnam in 2017, H&M Vietnam has opened stores in both Hanoi city and HCMC, attaining record-breaking sales on each successive opening.

Crescent Mall has a total area of roundly 45,000 square metres, which in turn gives an international standard shopping complex, amidst the tranquillity of a lakeside environment. Especially, with Savills’ professional asset management, Crescent Mall offers international standard facilities for various high-profile tenants.

“We have gone beyond the usual demographic targeting and not only tried to understand and predict what the market thinks but most importantly, what the market feels. It is all about brand trust, brand love and brand affinity. Crescent has also been steadfast with positioning and never compromised the high quality of the international mall experience we have promised our shoppers since day one,” said Joanne S. Gasgonia, General Manager of Crescent Mall.

Tu Thi Hong An, Associate Director of Commercial Leasing, Savills HCMC, said: “Having been active in the retail property market in HCMC for over 20 years, Savills was very pleased to provide advice on this transaction. Crescent Mall is fortunate to be in an area where expansion is still possible. When compared to other areas in Ho Chi Minh, District 7 has been planned and well zoned by Phu My Hung. We hope that H&M will be very happy in this new location.”

H&M was introduced in Vietnam by the end of 2017. Despite its late arrival, HM currently has four stores in Vietnam including two stores in Ho Chi Minh City and other two in Hanoi city.

In 2017, retail turnover in Vietnam was $129 billion, increasing strongly at 11 per cent year over year, a very high level compared with elsewhere in the ASEAN region. Vietnam’s retail market has enormous potential.

In 2018-2021, it is expected that the retail market will grow steadily with the increased demand of leisure (10 per cent per annum), modern grocery (9 per cent per annum) and apparel (6 per cent per annum).