Post on 08-Mar-2020
PHNOM PENH RETAIL MARKETPresented By Richard Leech, Executive Director, CBRE Cambodia
24 April 2018
2CBRE CAMBODIA
P H N O M P E N H R E T A I L
TOP STORIES – RETAIL MARKET
3CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL TRENDS 2018
COMMUNITY MALLS as a new trend from 2018
Growth of CONVENIENCE STORES
1
2
Continued expansion of FOREIGN RETAILERS3
Fintech & E-commerce4
4CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL TRENDS 2018 – COMMUNITY MALLS
Midtown Mall
Noromall
The Park Downtown 93
Tropics Mall
5CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL TRENDS 2018 – CONVENIENCE STORE
• New convenience stores to enter Cambodia;
• Aggressive expansion of existing convenience stores;
6CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL TRENDS 2018 – CONTINUED EXPANSION OF FOREIGN
RETAILERS
Source: CBRE Research, Q1 2018
New Entrants – F&B Q1 2018• New entrants focusing on
F&B and mid-range fashion;
• Continued expansion of foreign retailers within new retail complexes;
7CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL TRENDS 2018 – FINTECH & E-COMMERCE
Key Stats about Cambodia
46% 49% 5%
8m
MOBILE SUBSCRIPTIONS
29.20 m
3G 4G Wifi3.4m 660k 440k
+6% growth per year and181% vs. total population+43%
vs. 2017
FintechE-commerce
7m 7m
Active Social Media Users
InternetUsers
Active Monthly Facebook User
43%penetration
50%penetration
Source: We Are Social; Geek in Cambodia
PHNOM PENH RETAIL SUPPLY
9CBRE CAMBODIA
P H N O M P E N H R E T A I L
OVERVIEW OF PHNOM PENH RETAIL MARKET
Shopping Mall Shopping Centers Community Malls
Retail Podiums Retail Arcades Supermarket
10CBRE CAMBODIA
P H N O M P E N H R E T A I L
Source: CBRE Research, Q1 2018
RETAIL SUPPLY
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F
Shopping Mall Shopping Center Community Mall Retail Podium Other Retail
11CBRE CAMBODIA
P H N O M P E N H R E T A I L
Source: CBRE Research, Q1 2018
RETAIL SUPPLY TIMELINE
2003Sorya Center Point
2008Sovana Shopping Center
2009Bayon SupermarketCity Mall
2011Ratana Plaza
2013SteungMean CheyCenter
2014Tk AvenueVattanac CapitalAeon Mall
2016Naga City Walk
2017Exchange SquareMakro
2018The ParkAeon Mall 2MIDTOWN MallThe BridgeDowntown 93The Olympia Mall
2019Noro MallPhnom Penh Megamall
2020Orkide The RoyalThe PeakPH Diamond Plaza
2021Eco Mall
12CBRE CAMBODIA
P H N O M P E N H R E T A I L
Vattanac Capital
Exchange Square
Naga City Walk
AEON MallCity Mall
Steung MeancheyCenter
TK Avenue
Sovanna Mall
Ratana Plaza
Makro
CURRENT SUPPLY MAP
Sorya Center Point
13CBRE CAMBODIA
P H N O M P E N H R E T A I L
AEON Mall 2
PP Mega Mall
Midtown Mall
The Bridge
Olympia Plaza
KEY FUTURE SUPPLY
70,500 sqm
70,200 sqm
5,000 sqm
30,000 sqm 24,000 sqm
Orkide the Royal Mall
30,000 sqm
The Peak
20,000 sqm
Downtown 93
4,000 sqm
The Park
4,000 sqm
Eco Mall
50,000 sqm
PH Diamond Plaza
30,000 sqm
7,000 sqm
Tropics Mall Noro Mall
9,300 sqm
14CBRE CAMBODIA
P H N O M P E N H R E T A I L
CURRENT VS. FUTURE SUPPLY
Key>70,000 sqm50,000 – 69,999 sqm30,000 – 49,999 sqm10,000 – 29,999 sqm<9,999 sqm
Existing Supply
Future Supply
RETAIL MARKET REGIONAL
BENCHMARKING
16CBRE CAMBODIA
P H N O M P E N H R E T A I L
Source: World Bank / World Population Review / CBRE Research
REGIONAL RETAIL MARKET BENCHMARKINGPhnom Penh, Cambodia
GDP Growth ‘17 6.9%
GNI Per Capita US$1,140
Population 1.9 Million
Retail Space (m²) 220,000
Retail per Capita 0.12
Hanoi, Vietnam
GDP Growth ‘17 6.8%
GNI Per Capita US$2,060
Population 8.6 million
Retail Space (m²) 870,000
Retail per Capita 0.10
Bangkok, Thailand
GDP Growth ‘17 4.2%
GNI Per Capita US$5,650
Population 9.8 million
Retail Space (m²) 7.4 million
Retail per Capita 0.76
Singapore, Singapore
GDP Growth ‘17 3.6%
GNI Per Capita US$51,880
Population 3.5 million
Retail Space (m²) 4.5 million
Retail per Capita 1.30
Ho Chi Minh, Vietnam
GDP Growth ‘17 6.8%
GNI Per Capita US$2,060
Population 7.6 million
Retail Space (m²) 794,000
Retail per Capita 0.10
Yangon, Myanmar
GDP Growth ‘17 5.9%
GNI Per Capita US$1,190
Population 4.5 million
Retail Space (m²) 410,000
Retail per Capita 0.09
Vientiane, Laos
GDP Growth ‘17 6.7%
GNI Per Capita US$2,150
Population 783,000
Retail Space (m²) 85,000
Retail per Capita 0.11
17CBRE CAMBODIA
P H N O M P E N H R E T A I L
RETAIL SUPPLY VS DEMAND
Source: CBRE Research, Q1 2018
95%92%
95%
89%
82%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
Bangkok Singapore Ho Chi Minh Hanoi Phnom Penh
Supply as of Q1'18 New Supply in 2018 Occupancy as of Q1'18
+4%
+2%
+26% +21%
+95%
18CBRE CAMBODIA
P H N O M P E N H R E T A I L
NO. OF NEW RETAIL ENTRANTS IN 2017
0
10
20
30
40
50
60
70
80
90
Hong K
ong
Taip
ei
Tokyo
Sin
gapore
Shenzhen
Beijin
g
Bangkok
Shanghai
Chengdu
Phnom
Penh
Chongqin
g
Wuhan
Hanoi
Kuala
Lum
pur
Guangzhou
Seoul
Ho C
hi M
inh C
ity
Chennai
Kolk
ata
Shenyang
Source: CBRE Research, Q4 2017
F&B
54%
Fashion &
Accessories
33%
Other
13%
Thailand
25%
The US
17%
Denmark
8%
France
8%
Other
42%
Asia PAC
54%EMEA
33%
Americas
13%
PHNOM PENH RETAIL RENTS
20CBRE CAMBODIA
P H N O M P E N H R E T A I L
PHNOM PENH RETAIL RENTS
$31.6 $30.6
$26.8
$32.0
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
Prime Shopping Mall Prime Retail Podium Community Mall Prime High Street
Rental Rate Range Average Rental Rate
Source: CBRE Research, Q1 2018
Note: Rents shall exclude service charge and VAT where applicable and do not include those of anchor tenants
21CBRE CAMBODIA
P H N O M P E N H R E T A I L
PRIME RETAIL COMPARISONS
Source: CBRE Research, Q1 2018
Note: Prime retail rents for ground floor and first floor only
$0
$50
$100
$150
$200
$250
Singapore Hanoi Bangkok Ho Chi Minh Phnom Penh
22CBRE CAMBODIA
P H N O M P E N H R E T A I L
FORECAST RETAIL RENTAL GROWTH 2018
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Phnom
Penh
Singapore Bangkok Ho Chi
Minh
Hanoi Kuala
Lumpur
Beijing Shanghai Hongkong Taipei Tokyo
Source: CBRE Research, Q4 2017
THANK YOU
Richard Leech
Executive DirectorE: richard.leech@cbre.com
Thyda Pov
ManagerE: thyda.pov@cbre.com
Sivmey Prak
Leasing ExecutiveE: sivmey.prak@cbre.com
Anna Dungca
Leasing ExecutiveE: anna.dungca@cbre.com
Retail Services Research
James Hodge
Associate DirectorE: james.hodge@cbre.com
Muyngim Lim
Senior ManagerE: muyngim.lim@cbre.com
Sonic Sovuth
AnalystE: sonic.sovuth@cbre.com
Kimsea Chea
AnalystE: kimsea.chea@cbre.com
THANK YOU
© 2018 Advantage Property Services Co., Ltd, trading as CBRE Cambodia, part of the CBRE affiliate network. All materials presented in this report, unless specifically indicated otherwise, is undercopyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do notdoubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness andcurrency of the information of this publication. This report is presented for information purposes only, exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or thesolicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may bealtered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports isprohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.
THANK YOU
CBRE Cambodia | +855 23 964 099 | cambodia@cbre.com | www.cbre.com.kh