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5) 10% Annual Rental Yield Increment for retail malls
International Brands in Phnom Penh
Phnom Penh Retail Sector
Phnom Penh’s retail sector has entered a new phase, characterised by rapidlyaccelerating levels of new supply as developers seek to capitalize on predicted growth in consumer purchasing power. As such, a marked increase in retail stock is anticipated to be introduced in 2019, particularly within the community mall and retail podium sub- sectors. 2019 is also set to see a continuation of the increasing numbers of international retailers entering the Cambodian market
As a result of the reported growth of Cambodia’s middle- class, overall levels of disposable income increasing and the number of foreign visitors expanding, Phnom Penh has witnessed a shift away from traditional retail formats such as wet markets, hawker stands, shop houses and independent grocery/provision stores, towards more modern retailing concepts such as shopping and community malls. Whilst these concepts are relatively new to the market and thus the evolution of local consumer behaviour continues to adjust, this shift is a promising sign which has acted to increase the number of international retailers entering the market.
International developers including AEON and Oxley Holdings Ltd., together with local developers such as
Peng Huoth Group and Chip Mong Group, are currently actively involved in expanding the presence of their retail portfolios across Phnom Penh.
Chip Mong has recently announced plans to develop up to six retail projects across Phnom Penh over the next three years. Similarly, Peng Huoth Group has scheduled the launch of two shopping malls by the end of 2023.
Similarly to 2018, the Phnom Penh retail sector in 2019 is expected to see a sharp influx in supply in all sub-sectors, with most projects in the community mall segment. The accumulated retail stock by the end of 2019 is forecast to reach circa 353,415 sqm, a y-o-y increase of approximately 35.7%.
This anticipated increase in supply is focused upon the community mall segment where 6 projects are to complete this year, including; MiDTOWN Mall, Downtown 93, Chip Mong Noro Mall, WB Arena, The Point and Chip Mong Baktouk Commercial Centre. Accumulated retail stock being injected into the market by these projects stands at circa 28,857 sqm. Space within community mall developments is expected to be largely absorbed by Q4 2019 while rents in the sector are forecast to stabilize before the year end as a result of this anticipated high net absorption.
Notable expansion is also expected in the retail podium sector with an anticipated increase in retail podium stock of approximately 207%, primarily a result of the anticipated completion of projects such as OxleyWorldbridge’s The Bridge. Furthermore, the forecast completion of the first phase of The Olympia Mall (circa 15,000 sqm) and Phnom Penh Megamall in Q1 2020 comprising approximately 40,000 sqm (NLA), are set to boost retail stock considerably.
Recent years have seen retail developers focusing their attention on decentralized locations where larger land plots are more plentiful and available at more favourable prices. Forthcoming projects include Eco Mall, Orkide The Royal Mall, Chip Mong Mega Mall, and AEON Mall 3, all of which are anticipated to complete before the end of 2023.
*Report by CBRE Cambodia
Cambodia is becoming increasingly attractive in the eyes of international retail brands as a result of the development of modern retail formats and growing domestic purchasing power. Overseas fashion retailers including Superdry, Under Armour and Converse all made their first forays into the market in 2018, continuing thepenetration of international brands within Cambodia’sretail sector. Particular growth has been witnessed within the food & beverage, cosmetics and electronics sectors both at a local and international level.
In the coming year, retail vacancy is forecast to see an upward adjustment due to substantial levels of new supply. Vacancy in the sector as a whole is projected to reach 16.3%, while vacancy in retail podium, community mall and shopping mall stock is expected to increase by 4%, 1.5% and 2% respectively.