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Cushman & Wakefield Global Cities Retail Guide HANOI Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Hanoi | 2019 0 Hanoi, Vietnam’s capital, has been for thousands of years the political, cultural, historical and educational center of the country. With the fast growth of the economy and worldwide integration, Hanoi is quickly catching up with Ho Chi Minh City to become one of the largest economic centers in Vietnam. In 2018, Hanoi contributed over 10% to national GDP. With the expansion of Hanoi’s administrative boundaries to cover an area four times larger, it is now the 17th largest capital in the world by land area. The city, despite the economic recession which happened almost at the same time as its geographical expansion, has always met its GDP growth target and indeed exceeded the Municipal People’s Committee’s target. With nearly 8 million residents, Hanoi has huge potential for the development of modern retail by both domestic and foreign companies. The retail space in the city (defined here as shopping centers, department stores and retail podiums) has grown six- fold within four years, to reach nearly 1,150,000 sqm in net leasable area by the first quarter of 2019. Decentralization has driven market performance. New supply has most often been located outside the Central Business District (CBD). Rentals in non-CBD areas have constantly dropped as supply has surged, leading to an increase in vacancy rates in these areas. In the prime CBD, the retail supply has not changed but the demand along with rental rates have continued to rise. Streets such as Trang Tien, Ly Thai To, Le Thai To are the dominant retail streets in Hanoi CBD, and now have the highest rental rates in Vietnam. HANOI Over 26 million tourists visited Hanoi in 2018, tourists spent a total of $4bn USD in the city. OVERVIEW Cushman & Wakefield | Hanoi | 2019 1 HANOI KEY RETAIL STREETS & AREAS TRANG TIEN HANG BONG Located in the prime Central Business District (or Hoan Nearly one kilometer in length, Hang Bong is a prime Kiem District), Trang Tien is one of Hanoi’s most historic street in the Old Quarter of Hanoi and also in the prime and well-known streets. Besides having two-way traffic, it Central Business District (CBD). The street extends from is also a popular pedestrian street for tourists – especially the crossroad of Hang Bong - Hang Gai - Hang Trong – those from overseas. Trang Tien Street has been Hang Hom through to the former city gate Cua Nam consistently among the most visited places in Hanoi (South Gate). In addition to its two-way traffic, the street is largely because of its proximity to the Old Quarter and also popular among pedestrians and attracts many also its famous cultural offerings with well-displayed tourists. bookstores and art galleries. Historically, Hang Bong used to be a street which In addition, the street is home to the famous Trang Tien produced cotton to make clothes or winter blankets. Plaza (where a number of prestigious brands like Louis Nowadays, Hang Bong has become one of Hanoi’s Vuitton, Salvatore Ferragamo, Burberry, Dior, and busiest streets for shopping with a diverse range of art Versace are present) and a number of fashion shops – galleries, silk shops, clothing shops, grocery stores and including NEM Women’s Fashion, Pazzion, Jimmy Choo, coffee shops. It is also home to a number of boutique and Van Laak, and also restaurants and cafes – including hotels, foreign cosmetics shops (e.g. The Face Shop, El Gaucho, Trang Tien Ice Cream, Highlands Coffee, Yves Rocher, The Body Shop, and It’s Skin), fashion Swing Lounge, Pizza 4P’s, Givral Café, Fresh Garden shops (e.g. Reebok, Adidas, Li-ning, Crocs and other local Bakery and Café BBQ. privately-owned fashion boutiques), as well as coffee shops (all privately-owned) and grocery stores (Hapro NGO QUYEN Mart and several privately-owned convenient stores). Ngo Quyen, especially in and around the Sofitel Metropole Hanoi is a prominent and recognized retail luxury corner LY THAI TO with Louis Vuitton, Salvatore Ferragamo, Bally, Chopard, Ly Thai To is the most premier retail location with Mont Blanc, Cartier and continues to be the prime numerous high-end fashion tenants and many destination for locals and tourists alike. internationally recognized retailers, such as Prada, Starbucks Coffee, Bon Mua, Cushman & Wakefield | Hanoi | 2019 2 HANOI KEY RETAIL STREETS & AREAS BA TRIEU LY THUONG KIET Spreading over 1.9 kilometers across Hoan Kiem and Hai Nearly 1.8 kilometers in length, Ly Thuong Kiet is a Ba Trung districts, Ba Trieu is a major street that major two-way traffic street located in the Central stretches from Hoan Kiem Lake to Dai Co Viet Street. It is Business District, stretching from Le Thanh Tong to a one-way traffic street that leads to 19 other roads. Le Duan and crossing nine other streets (all concentrated in the CBD). Two most notable Ba Trieu is one of Hanoi’s more popular shopping streets buildings on this street are the Pacific Place for the fashion-wise consumer. Besides the famous complex, consisting of grade A offices, retail Vincom City Center (Towers A, B and C), there are also podium, grade A serviced residencies and the five- local fashion boutiques (e.g. Nem. Elise, C&T, Format, star Melia Hotel. Pacific Place is home to Highlands Daisy, Zenda), coffee shops and restaurants (e.g. Coffee, Lacoste and The Rooftop Bar. Starbucks, KFC, Mondo Gelato, Khang Japanese Restaurant, BooCiti Café, Indochine 1915 Restaurant). F&B and non-F&B retail stores are widely present on Ly Thuong Kiet Street. Fashion shops include It is important to note that Ba Trieu has been included in Mango, Lacoste, Vietnam Designers’ House and many retailers’ wish lists as a prime location for new other local fashion boutiques. A wide range of stores. This is since the opening of Vincom City Center – coffee shops and restaurants are also present, Tower A&B in 2004, one of the first and also most including Starbucks (located in Lan Vien Hotel and prominent shopping centers in Hanoi. overlooking Hang Bai and Ly Thuong Kiet streets), Fanny Ice Cream, Twitter Beans Coffee, Baskin HAI BA TRUNG Robbins, Passio Café, Paris Gateaux, Highlands Located in Hoan Kiem District (the prime Central Business Coffee, Vèdette Café, Tonkin Coffee, The Rooftop District), Hai Ba Trung is a 3-kilometre long and two-way Bar, Fuse Bar, Kimono Restaurant and other local traffic street that crosses and leads to ten other roads. privately-owned restaurants. Besides having major office buildings, the street is also home to a variety of electronics shops that sell televisions, cameras, camcorders, speakers, air conditioners and refrigerators, among others. On the other hand, the majority of fashion shops, cafes and restaurants are concentrated in the retail podiums of major buildings on the street – e.g. Hanoi Towers, Central Building, Sun City Building and Capital Building. In addition to these, other retailers present on Hai Ba Trung Street include Highlands Coffee, Paris Gateaux, The Coffee Bean & Tea Leaf, Alfresco’s, Jackson's Steak House, Ceilo 13 Lounge and Moschino. Cushman & Wakefield | Hanoi | 2019 3 HANOI MARKET OVERVIEW KEY AREAS/ CONSUMER MAJOR RETAILERS PRESENT TYPICAL RENT STREETS/ PROFILE SHOPPING CENTERS Trang Tien High-end Christian Dior, Christian Louboutine, Van Laak, Trang Tien Ice Cream, El Gaucho, Highlands Coffee, US$ 80-200/ sqm/ Givral, Café BBQ month Hang Bong Middle The Face Shop, Yves Rocher, The Body Shop, It’s Skin, Reebok, Adidas, Crocs, Triump, Vera, US$ 50-70/ sqm/ month privately-owned coffee shops, local art galleries, silk shops, and clothing shops Ly Thai To High-end Prada, Milano US$ 150/ sqm/ month Ngo Quyen High-end Louis Vuitton US$ 150-180/ sqm/ month Ba Trieu Middle Starbucks, KFC, Mondo Gelato, Ray Ban eyewear US $60-100/ sqm/ month Vincom Center Ba Trieu Middle Karren Millen, Axara, DKNY, Nike, Sisley, FCUK, Valentino Creation, US Polo, Charles & Keith, Aldo, US$ 50 - 150/ sqm/ Accessorize, Mango, Jeep, Bata, Adidas, Bossini, Giordano, Levi's, The Face Shop, Kanebo, month Shiseido, Ninewest, Elizabeth Arden Hai Ba Trung Middle Alfresco’s, Paris Gateaux, Highlands Coffee, The Coffee Bean & Tea Leaf, Jackson’s Steak House, US$ 40-60/ sqm/ month Ceilo 13 Lounge, Moschino, privately-owned electronic product stores Ly Thuong Kiet Middle Mango, Starbucks (overlooking Hang Bai and Ly Thuong Kiet streets), Baskin Robbins, Passio Café, US$ 50-60/ sqm/ month Paris Gateaux, Highlands Coffee, Vedette Café, The Rooftop Bar, Lift Bar, Kimono Restaurant, Vietnam Designers’ House Indochina Hanoi (Iph) Middle/ High-end Levi's, Sembonia, Nike, The Body Shop, Yves Rocher, Adidas Neo, Akemi, It's Skin US$ 30/ sqm/ month Vincom Mega Mall – Middle Lacoste, Sisley, Levi's, Adidas, Giordano, The United Colors of Benetton, Valentino Creations, Nine US$ 45/ sqm/ month Royal City West, Shiseido, The Face Shop, Skinfood, Yves Rocher Vincom Mega Mall – Middle Adidas, Aldo, Bata, FCUK, Giordano, Guy Laroche, Levi's, Nine West, Noir, Swarovski, Valentino US$ 40/ sqm/ month Times City Creations Lotte Center Hanoi Middle Korloff, Furla, Clarins, Clé de Peau, Alizabeth Arden, Kose, Lancôme, L'Occitane, Mernard, Naris, US$ 70/ sqm/ month Sisley, L'Oréal, The Face Shop, Vichy, Yves Rocher, Bata, Clarks, Geox, Bonia, Braun Buffel, Morgan de Toi, Valentino Creations, Esprit, Giordano, Guess, Levi's, Giovani, Valentino Rudy, Reebok Aeon Mall Long Bien Middle JYSK, Canifa, Trananh, Aeon Supermarket, Highland Coffee, Dream Games, CJ CGV Cineplex, tiNi US$ 72/ sqm/ month World Vincom Center Tran Duy Middle Vinmart, CGV Cineplex, OVS, Al Fresco, Dookki, Zozo Sushi, Runam, Phuc Long Tea & Coffee, US$ 30-80/ sqm/ month Hung Charles & Keith, Tommy Hilfiger Vincom Center Lieu Giai Middle Vinmart, Highlands Coffee, CGV Cineplex, Pizza Company, Starbucks Coffee, Aka House, Al Fresco’s US$ 32-90/ sqm/ month Cushman & Wakefield | Hanoi | 2019 4 HANOI SHOPPING CENTERS TRANG TIEN PLAZA VINCOM MEGA MALL –TIMES CITY Trang Tien Plaza occupies a prime location right in Hoan Vincom Mega Mall – Times City was built as a modern Kiem Lake at the corner of Trang Tien and Hang Bai urban mall with eco-friendly architecture.
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