Retail in Q1 2022: Footfall achieves pre-COVID levels, more brands enter local market

• 8 April 2022
• Local News
• 1808 Views

The number of footfalls in the retail sector in Q1 2022 has increased significantly passing the pre-COVID baseline after the government announced the reopening of socio-economic activities in November last year.

According to the CBRE Cambodia Q1 report published on 7 April, the rise of shoppers to the retail venues is a positive sign of Cambodia’s retail sector recovery.

Given a positive recovery, there were 44 new brand entries in Q1 2022. Six of them are international brands such as H&M, OVS, and Wilsonart, while 38 others are locals.

Effective vaccine rollout and boosters are giving customers the confidence to travel and enjoy shopping again. Also, with the increase in tourism, retail is coming back to life, CBRE Cambodia said.

Despite the increase in the footfall, the occupancy rate is only 66.6%, and quoting rent remains under pressure with renting prices of prime high streets and community malls dropping by 6.8% and 1.6% respectively.

Another concern is the increase in supply with 202,000sqm new supply expected in 2022, bringing the accumulative supply to approximately 800,000 sqm.