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Retailers reoccupy vacant commercial spaces in Ho Chi Minh City

Retailers reoccupy vacant commercial spaces in Ho Chi Minh City

Wednesday, March 02, 2022, 15:58 GMT+7
Retailers reoccupy vacant commercial spaces in Ho Chi Minh City
A commercial space is for rent at the corner of Hai Ba Trung and Vo Thi Sau Streets in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

Living safely with COVID-19, most industries are trying to revive from the aftermath of the pandemic, with retailers in Ho Chi Minh City seeking commercial spaces to run a new business after almost two years of hibernation.

Many vacancies at prime locations in busy districts of the southern city have found new tenants. 

The demand for retail spaces ranging from VND50-100 million (US$2,190-4,380) per month is picking up, according to a survey by Tuoi Tre (Youth) newspaper reporters, while that for properties starting from VND200 million ($8,760) per month remains sluggish.

Landlords are offering many favorable conditions, such as big rent reductions and low deposits, according to Nguyen Trong Nghia, a real estate broker in Ho Chi Minh City.

A new store is established at the corner of Hai Ba Trung and Vo Thi Sau Streets in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

A new store is established at the corner of Hai Ba Trung and Vo Thi Sau Streets in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

Nghia assessed that the retail market in the city is recovering, with new tenants seeking locations to run their catering, service, beauty, and pharmacy businesses.

This situation has marked a stark contrast to the coronavirus-related massive shutdowns that affected stores and malls for several months in 2021 and 2020.

Su Ngoc Khuong, senior director of real estate service provider Savills Vietnam, shared the same opinion with Nghia, adding that this is the time for tenants to enjoy affordable rents and more benefits when negotiating lease contracts. 

Below are photos taken by Tuoi Tre showing the revival at many commercial spaces in Ho Chi Minh City:

A commercial space is for rent at the corner of Nguyen An Ninh and Truong Dinh Streets in District 1, Ho Chi Minh City, December 7, 2020. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent at the corner of Nguyen An Ninh and Truong Dinh Streets in District 1, Ho Chi Minh City, December 7, 2020. Photo: Quang Dinh / Tuoi Tre

A new store is established at the corner of Nguyen An Ninh and Truong Dinh Streets in District 1, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A new store is established at the corner of Nguyen An Ninh and Truong Dinh Streets in District 1, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Phan Xich Long Street in Phu Nhuan District, Ho Chi Minh City, March 2020. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Phan Xich Long Street in Phu Nhuan District, Ho Chi Minh City, March 2020. Photo: Quang Dinh / Tuoi Tre

A new store is established on Phan Xich Long Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A new store is set up on Phan Xich Long Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Hai Ba Trung Street in District 3, Ho Chi Minh City, December 2020. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Hai Ba Trung Street in District 3, Ho Chi Minh City, December 2020. Photo: Quang Dinh / Tuoi Tre

A new store is established on Hai Ba Trung Street in District 3, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A new store is built on Hai Ba Trung Street in District 3, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

This photo is taken on Phan Dang Luu Street in Phu Nhuan District, Ho Chi Minh City in 2020. Photo: Quang Dinh / Tuoi Tre

This photo is taken on Phan Dang Luu Street in Phu Nhuan District, Ho Chi Minh City in 2020. Photo: Quang Dinh / Tuoi Tre

This photo is taken on Phan Dang Luu Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

This photo is taken on Phan Dang Luu Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Le Van Sy Street in Phu Nhuan District, Ho Chi Minh City, April 15, 2020. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Le Van Sy Street in Phu Nhuan District, Ho Chi Minh City, April 15, 2020. Photo: Quang Dinh / Tuoi Tre

A new store is established on Le Van Sy Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A new store is established on Le Van Sy Street in Phu Nhuan District, Ho Chi Minh City, February 2022. Photo: Quang Dinh / Tuoi Tre

A commercial space is for rent on Dong Khoi Street in District 1, Ho Chi Minh City,  2020. Photo: Ngoc Hien / Tuoi Tre

A commercial space is for rent on Dong Khoi Street in District 1, Ho Chi Minh City, 2020. Photo: Ngoc Hien / Tuoi Tre

A new store is established on Dong Khoi Street in District 1, Ho Chi Minh City, February 2022. Photo: Ngoc Hien / Tuoi Tre

A new store is established on Dong Khoi Street in District 1, Ho Chi Minh City, February 2022. Photo: Ngoc Hien / Tuoi Tre

A commercial space is for rent on Ho Tung Mau Street in District 1, Ho Chi Minh City, 2020. Photo: Ngoc Hien/ Tuoi Tre

A commercial space is for rent on Ho Tung Mau Street in District 1, Ho Chi Minh City, 2020. Photo: Ngoc Hien/ Tuoi Tre

A new store is established on Ho Tung Mau Street in District 1, Ho Chi Minh City, February 2022. Photo: Ngoc Hien / Tuoi Tre

A new store is established on Ho Tung Mau Street in District 1, Ho Chi Minh City, February 2022. Photo: Ngoc Hien / Tuoi Tre

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