Urban area Toul Kork expects retail space to increase to 78,753 square metres
Phnom Penh’s retail sector continues to flourish, with the urban and compact area of Toul Kork anticipating four additional shopping destinations by 2021, reported the Khmer Times, citing data from The Mall Company (TMC) led by PropertyGuru Cambodia Property Awards esteemed judge Simon Griffiths.
As stated by TMC’s report, modern retail premises in Toul Kork are centralised in the more crowded north communities, specifically Boeng Kak 1 and Boeng Kak 2. Four community malls are indicated in the report to be operating in these areas, which includes one community mall, two retail podiums, and one shopping mall under construction.
Out of the total retail spaces in Phnom Penh, Toul Kork currently holds 15,292 square metres or four percent. These numbers are expected to rise to 78,753 square metres or 21 percent if all recorded projects were to be completed by their 2021 deadline.
It is to note that such 2021 figures also include data for Phnom Penh Mega Mall, in which a 2021 launch date hasn’t been released yet.
Toul Kork was placed on Phnom Penh’s retail plot with TK Avenue and Samai Square. These retail spaces were developed as community mall formats with convenient parking/access and street frontage, making them fairly smaller than other retail destinations in Phnom Penh.
TMC’s report advises that upcoming developments alike TK Avenue or Big Tree Mall would be highly sought-after if they offer conveniences such as visibility, customer flow, sufficient parking, and popular tenant mixes, which would draw returning retail foot traffic.
According to Google’s Mobility Report, retail foot traffic surged during New Year’s Eve at 66 percent above baseline, which was a record high since the Bon Oum Tok holiday in October.
Considering the consumer behaviour in Phnom Penh, residents are avid to drop by retail and entertainment destinations as soon as COVID-19 is under control.
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