In a notable shift within the retail landscape of Ho Chi Minh City, Adoré – World Coffee has confidently stepped into a prime location on Han Thuyen Street, just eight months after Starbucks shuttered its upscale store at the same site. This development marks an exciting chapter in the city’s evolving consumer trends.
Adoré is now leasing the three-story property for VND700 million per month (approximately US$29,000), slightly edging below the VND750 million Starbucks previously paid. While this represents a decrease, the rent remains nearly double the area’s average, reflecting the property’s high-profile status in Vietnam’s bustling metropolis.
The prime location boasts over eight meters of street frontage and scenic views from the upper floors, driving its premium rental price, according to real estate analysts.
Despite its prime position, it took the building’s owner eight months to secure a new tenant. The downtown area of Ho Chi Minh City has a surplus of commercial properties, resulting in many buildings sitting vacant for extended periods. Property owners often prefer to hold out for top-tier tenants rather than lower rents.
In the meantime, Starbucks has established a new home in the iconic Bitexco Financial Tower. This premium store, spanning 500 square meters, reportedly incurs a monthly rent of about $75,000 before long-term tenant discounts, as commercial space on the tower’s ground levels averages around $150 per square meter.
Looking ahead, Starbucks plans to unveil another upscale store in July near the Diamond Plaza, just 300 meters from the previous Han Thuyen location.
The arrival of Adoré – World Coffee in such a sought-after space not only reflects the dynamic nature of retail in Ho Chi Minh City but also showcases shifting consumer preferences toward local brands. As brands expand their presence in premium locations, the retail sector is poised for further innovation and growth.
