GROWING MOVIEGOERS: A STIMULI TO RETAILTAINMENT
As of Q1 2019, the citywide average occupancy rate remained at 90% with major shopping malls maintaining almost full occupancy rates on the back of strong demand for quality retail establishments according to a recent property market report released by the global consultancy firm, Colliers International Myanmar. As explained by Mr. Hpone Myint Thu, Assistant Manager of Colliers International Myanmar, further developments of larger scale shopping malls, destination retail establishments as well as lifestyle-oriented centres are likely to materialise in the coming years with the liberalisation of retail and wholesale market.
Colliers noted that citywide rents stood at USD 30.7 psm per month, a decline of 2.2% qoq and 4% yoy. “As older developments also embark refurbishments or redevelopments, along with adjusting rates to mitigate further, we expect to witness a modest decline of average rental rates, a trend that is highly likely to persist in the succeeding months,” said Mr. Joshua De Alas, Senior Manager of Colliers International Myanmar.
As more international quality supply comes online, Colliers advises developers and operators to streamline their retail establishments by channeling more investment into leisure entertainment such as cinemas. “With the growing number of cinema goers and the introduction of innovative theatres across the country, we should expect a significant rise of footfall entering more into the malls with movie theatres and recreational spaces,” said Mr. Hpone.
Access the Report Here: http://bit.ly/2GMR1NV