Traditional markets get mall makeover

There is an emerging trend of combining traditional or wet markets with modern shopping malls.

Property experts call it a rebirth of traditional markets in the form of modern and well-organised retail outlets with temperature and fresh air control, better fire safety, improved hygiene, and many other benefits.

Traditional markets that also include space for entertainment, like cinemas, are likely to attract customers.

“Without many other entertainment options [but with] a young, urbanised population, the mall will become the new town centre,” Richard Leech, executive director of real estate services firm CBRE Vietnam, says.

These shopping centres are set to extend their working hours to serve the needs of cinema and other patrons, creating more opportunities for tenants to increase revenues.

But a successful model requires tight control over registered brands, quality, merchandising arrangement, and customer service, Leech says. All these would also help deal with “the biggest challenge – fake products.”

He has another tip for developers – to have separate accesses to the market and shopping mall.

Several such developments are under way or planned, with Ha Noi taking the lead. The five-floor Hang Da Market in Hoan Kiem District will be the earliest one, expected to open in the fourth quarter with more than 9,000sq.m of floor space.

It will be followed by Mo Market in Hai Ba Trung District and Trung Hoa in Dong Da District.

HCM City has yet to announce any such project though there were attempts to renovate the city’s symbol, Ben Thanh Market, and Nguyen Van Troi Market in District 3.

The organised retail sector in HCM City has almost 318,000sq.m of space in 24 department stores and shopping centres, which is expected to rise to more than one million square metres by 2013, much more than Ha Noi does.

Ha Noi has around 108,000sq.m, which is likely to rise to 589,000sq.m by 2013.

Tags: Vietnam retail market, Vietnam traditional markets