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Hustle and Bustle again in Grand Plaza thanks to Ordinary Customers (09/07/12)
After a long time of inefficiency and inactiveness, the shopping paradise Grand Plaza suprisingly is back to its hustle thanks to repositioning.

Once again Grand Plaza is a phenomenon

Visiting Grand Plaza Shopping Plaza these days, many are surpised about a mass of various products. Especially, booths are in the race of discounts which are 20%, 30% or even 50%.

That image is completely opposite to the idleness of this center 3 or 4 months ago and also opposite to the situation of high-class commercial centers around.

Mr Hoang Duc Anh, CEO of Grand Plaza Shopping Center said that over the last two weeks, the number of retail space registrations at Grand Plaza has been significant. So far, the whole first floor has been occupied. Many who came late are waiting for the developer to reallocate the second and third floors.

Mr Hoang Duc anh also revealed that by the end of this July, the center is expecting its total retail area to be covered by 65% - 70%. This is a huge change as before that, the occupancy rates were about 30%.

What is happening in Grand Plaza shows that it has become a phenomenon again. It is going against the current struggling situation of the commercial center for lease market due to widespread economic downturn.

The latest report of CBRE showed that due to economic difficulties, customers have been tightening their budget, making distributors worried about maintaining their booths. There are more closinings than openings, thus leading to increasing vacancy rates at commercial centers, especially those at the outer area.

Target at ordinary customers

To explain the reason for Grand Plaza to attract lessees so far, Mr Hoang Duc Anh said the center is a Grade A building but offering Grade B rental rates varying from USD 30 – 50 sqm / month. Besides, clients receive many discounts and bonuses when renting retail space at Grand Plaza at this time.

Specifically, clients will have free fees within the first two months. In the next four months, they only have to pay 6% of their real sales without paying any fees. In the next six months, they get a discount of 40% on the base rental rates. In the second year, they get a discount of 30% on the rental rates and that of the third year is 20%.

In addition to free and discounting fees for lessees, another reason is that in their repositioning strategy, Grand Plaza management and commercializing agent not only targets at high-income customers.

Before, Grand Plaza targeted at customers with the income of over VND10 millions. But now, they have repositioned their target customers which are those with the income from VND 4 – 5 millions. Thanks to this, the products sold here have been changed, too. International brands now account for 30%, whereas local ones account for 70%.

Repositioning target customers and products in Grand Plaza to be more ordinary helps the shopping paradise Grand Plaza not only attract retailers but also a significant number of customers to shop and entertain. The by-effect is that in short term, Grand Plaza is surely no longer a luxury and high-class atmosphere as before. Demanding customers will find it disordered and messy.

However, according to Mr Hoang Duc Anh, to achieve the long term goal, the commercialization agent accepts the challenges in short and medium terms which can be from six months to a year, and then expect things to be stable and in order again.


Other News
- Celebrating Independence Day 2/9, joyful family shopping event at Grand Plaza (31/08/2012)
- Final sale (15/8 - 31/8) - Last chance to buy at super discounts at Grand Plaza (14/08/2012)
- Grand Plaza freshening up (02/08/2012)
- Grand Plaza Just Covered 100% Area of Ground and Second Floors (24/07/2012)
- Free Retail Space Leasing at Grand Plaza (16/07/2012)
- Hanoian Models Hunting for Discounts Together (02/07/2012)
- GRAND SALE up to 50% on Products at Grand Plaza (1/7–31/7/2012) (27/06/2012)
- Grand Plaza Organized Magic Event ‘Kid’s World’ (24/05/2012)
- Having good food, winning big prizes in ‘Grand Food Festival’ program (19/05/2012)
- Unforgettable Moments in Hanoi Fashion Week 2012 (24/04/2012)

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