Hanoi retail space rentals down 30 percent due to COVID-19
While the COVID-19 epidemic has basically been controlled in Vietnam and business activities have resumed, the retail space market in Hanoi is gloomy with rentals down from 20-30 percent.
Landlords with properties on the streets of Hang Ngang, Hang Dao and Hang Gai have had to cut rents to attract tenants.— Photo dantri.com.vn
Hanoi (VNA) – While the COVID-19epidemic has basically been controlled in ಞVietnam and business activities ✅have resumed, theretail space market in Hanoi is gloomy with rentals down from 20-30 percent.
Poor business during the epidemic has forcedmany shop owners to close their business and seek to transfer or return theirrented shops. Pham Danh Tung, owner of a fashion shop inHang Bai street in the downtown Hoan Kiem district, said a strong fall incustomers and revenues, plus a high rent, has pushed him into the corner and hehad to suspend business and return the shop to the landlord. Meanwhile, Le Kim Dung, who has a shop forrent in Chua Boc street, said although she has reduced the asking price by 30percent, no customer has come during the past month. A survey by real estate firm CBRE showed 43percent of retail tenants expected theirrevenue would decrease by 10-30 percent this year, and 27 percent hoped forsupport from landlords because their business operation was seriously affectedby the COVID-19 epidemic. Economic experts said the rising trend ofonline shopping is another reason making retail space less popular. Vo Thi Phuong Mai, head of CBRE’s RetailServices said the COVID-19 pandemic had negatively affected the traditionalretail channel but at the same time created opportunities for more modernretail channels such as convenience stores and e-commerce. She expected thatmulti-channel retail will grow in the time ahead./.
Vietnamese landlords should consider shifting from their traditional fixed-rent model to base rents and revenue sharing like in many other countries to spread the risk, experts have suggested.
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Landlords with properties on the streets of Hang Ngang, Hang Dao and Hang Gai have had to cut rents to attract tenants.— Photo dantri.com.vn 
