Unlocking Success in Cambodia’s Retail Market: CBRE Panel Explores Repositioning, Refilling & Repurposing

• 8 September 2023
• Local News
• 2531 Views

CBRE Cambodia hosted a thought-provoking panel discussion on 4 September 2023, aimed at shedding light on the dynamic Cambodian retail market. Real estate experts gathered to delve into the sector’s potential and its current status, providing valuable insights for industry players.

Reflecting the Cambodian Retail Market

The focal point of this workshop was the expert perspective on essential adaptation strategies for retail developers. Three pivotal strategies were emphasised: redesigning, enhancing service and product quality, and redefining business goals. These strategies, according to experts, hold the key to helping Cambodian retailers continually adapt to evolving consumer preferences and digital technologies while innovating their offerings to ensure continued success and prosperity.

Reposition: Adapting to Market Shifts

Repositioning refers to the adaptation of business concepts or target customer bases. Recognising that consumer preferences and market dynamics are in constant flux, retail developers must stay agile and open to redesigning or repositioning their services and products. This adaptability ensures they remain relevant and competitive.

Refilling – Breathing New Life into Spaces

The refilling strategy entails revamping empty or underutilised spaces within retail buildings. By transforming neglected areas into hubs of economic activity, developers can attract more foot traffic, reduce vacancy rates, and increase financial gains. This approach breathes new life into retail spaces, making them vibrant and appealing.

Repurpose – Maximising Utility

Repurposing focuses on redirecting or reusing existing spaces for alternative purposes. Beyond merely constructing a retail store, developers can explore integrating recreational areas, gyms, attached libraries, or complementary amenities in the vicinity of retail buildings. This strategy optimises space utility and enhances the overall shopping experience.

As Cambodia’s retail sector continues to evolve and expand, the insights shared during this workshop serve as a beacon for developers and industry stakeholders. By embracing these adapts, the Cambodian retail market can thrive amidst changing consumer trends and preferences. These strategies not only enhance business resilience but also ensure the sector’s growth and long-term prosperity.

• Analysis