Ho Chi Minh City’s retail market recorded about 97% average occupancy in the second quarter, while government data showed a 13.8% increase in combined retail sales and consumer-service revenue through September.
Cushman & Wakefield said average occupancy across the city’s retail stock was about 97% in the second quarter. The firm also reported that no new retail supply entered the market during the period.
The Ho Chi Minh City government reported VND1,488.711 trillion in retail sales of goods and consumer-service revenue for the first nine months of 2026, 13.8% above the same period a year earlier. The figure combines both categories.
Savills’ first-quarter analysis cited Wilson, Pop Mart, Salomon, AAPE and New Era among retailers using major shopping-center locations to reach younger shoppers. It described activity in athleisure, cosmetics and lifestyle retail. Food and beverage businesses accounted for 30% to 40% of new leasing deals at many malls, Savills estimated.
Tran Pham Phuong Quyen, senior manager of retail leasing at Savills HCMC, said retailers increasingly consider how a shopping center can support their brand positioning and shape customers’ experience.
Savills also described differences between locations. Overall occupancy remained above 90% in the first quarter, even as some large food-and-beverage and entertainment tenants left noncentral areas, the firm said.
Individual openings include Japanese bakery Yamazaki, which AEON Mall Tan Phu Celadon listed as opening in October. Lukfook Jewellery said its shop at Vincom Center Dong Khoi opened Sept. 1.
Cushman & Wakefield forecasts about 286,500 square meters of new retail supply from 2026 to 2029, with most of it outside the central business district. Savills separately estimated 50,000 square meters of future supply through 2028. The projections cover different periods and market definitions, so they are not directly comparable.
