Real Estate Agent UAS Sees Bright Future for Retail Malls

• 6 September 2018
• Local News
• 1363 Views

The rapid growth of Cambodia’s retail sector in recent years, thanks largely to the emergence of a middle class now numbering two million, have together been catalysts for the significant rise in retail mall tenancies, with the future only looking bright for this real estate sector.

On 5 September, Construction and Property Magazine sat down with Mr Simon Griffiths, Managing Director for retail service provider Urban Asset Solutions (UAS) to discuss the retail mall industry.

According to Mr Griffiths, the number of retail tenants in malls is growing very fast, reflecting the rise of international brands that have entered the Cambodian market.Just within this year, three retail complexes have been completed including the second Aeon Mall SenSok, Prince Central Plaza and The Park. Among them, AEON Mall SenSok alone has added approximately 85,000 square metres to the capital’s retail space based on gross lettable area. (Read more)

While citing the professionalism of retail malls compared to retail shops, Mr Simon pointed out that the retail market in malls is more challenging and come with associated risks such as maintaining standards of operations.

Despite the challenges for retail malls, Mr Griffiths still foresees that the retail mall sector will continue to expand, given that the market currently attracts between 1,000 to 2,000 tenants each year.

• Analysis
• Business and Market