Jo Manlone London Perfume has just opened a store in Vietnam
According to Ms. Tran Pham Phuong Quyen, Retail Leasing Manager of Savills HCMC, current research shows that major brands in the world are looking for larger premises to enhance customer experience with "flagship" and concept store models in large shopping malls. Beautiful premises in the central area are still considered the favorite destination of high-end and luxury brands.
In recent times, Ho Chi Minh City has welcomed a number of famous names such as: Tiffany & Co at Union Square, Christian Louboutin at Rex Hotel or Rimowa at Saigon Center... Brands such as Diptique, Jo Malone, Tory Burch, Lush... have all opened their first stores in the central area of Ho Chi Minh City. Meanwhile, projects in semi-central locations such as Thiso Mall (Thu Thiem New Urban Area), Crescent Mall (District 7) have also been interested in and chosen by luxury brands such as Tudor & Tag Heuer or Watches of Switzerland.
Many luxury brands launch in Vietnam
Many domestic luxury brands are also actively introducing their special product lines and looking for ground floor space in shopping malls or townhouses on prime streets, where many international luxury brands are concentrated.
Financial expert Lam Minh Chanh commented that major brands are still expanding in the Vietnamese market due to the positive outlook of the retail market, stable population growth rate as well as the resilience of the economy . In particular, the shopping demand of Vietnamese consumers is still increasing, despite the inflationary context. However, this expert also recommended that businesses need to carefully consider cost pressures to ensure long-term business plans.
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