Retailers are leaving apartment buildings, stores are closing

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Many retailers have moved out of apartment buildings where they had been doing business for years. Some shops on the first floor of buildings are deserted and dark in Hanoi at night.

A convenience store in an apartment building in Linh Dam New Urban Area has closed, although the lease is still a few months old. Due to the pandemic, the retailer must restructure the distribution chain and close the outlet after five years of operation.

Local residents said there was no longer a convenience store to buy essentials.

Before that, a clinic covering an area of ​​hundreds of square meters nearby also closed. A cafe trader said he would be leaving if he didn’t renegotiate the rent with the landlord.

The nearby row of stores, once considered a potential gold mine, are silent. Passers-by can see broken chairs, building materials and trash lying messy and inside through the windows. Some shophouses are unlocked because they are empty.

Thu Thuy, a resident of Linh Dam, said a year ago that the shops were always bustling and bright. But now they are closed, especially in the evening.

Linh Dam was a popular commercial hub thanks to the population, where traders all wanted to settle. This explained why retail rents were always very high, which put pressure on tenants. So they left immediately when the purchasing power of consumers declined.

The same situation can be observed in many suburban apartment buildings. Many stores on the first floor of buildings have closed and some buildings no longer have stores open.

Tham, a resident of Trung Van from Nam Tu Liem District, complained that as convenience stores have closed, she has to travel a longer distance and spend more time shopping for food and essentials.

“I hope they (retailers) come back when the pandemic is over. The residential area is now too quiet, ”she said.

The shops are also deserted in the central districts of the city. In an apartment project on Truong Chinh Street, commercial rental ads are hung on half of the first floor. Before that, the apartment had attracted many brands of coffee, fast food and fashion.

The situation is worse in apartment buildings which have just opened. Do Thi Ha, a “clean food” trader, said that although apartment buildings still have tenants, their purchasing power has fallen.

The departure of the traders affected the income of the owners. They had to reduce rents by 20 to 30% or even 50%.

Duy Anh

Stores have been inactive for six months as retailers suspend operations

Stores have been inactive for six months as retailers suspend operations

The stores, which are considered “money spinners”, have been idle for many months amid the impact of the pandemic. They cannot be sold or rented.

The

The “war of nerves” between owners and tenants

Many traders have had to suspend their activity and return their premises to owners due to the impact of Covid-19. But, surprisingly, despite weak demand, many landlords still raised rental prices.


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