{"id":3972,"date":"2019-09-05T09:29:14","date_gmt":"2019-09-05T09:29:14","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3972"},"modified":"2021-06-04T14:37:57","modified_gmt":"2021-06-04T07:37:57","slug":"myanmar-gets-a-dose-of-retail-therapy","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/myanmar-gets-a-dose-of-retail-therapy\/","title":{"rendered":"Myanmar gets a dose of retail therapy"},"content":{"rendered":"

While the country\u2019s residential sector continues to struggle, a boom in retail is giving developers ample reason to splash the cash<\/p>\n

\"\"
Chinese New Year in Yangon’s Chinatown. eFesenko\/Shutterstock<\/figcaption><\/figure>\n

When Japanese mall giant Aeon Co.\u00a0makes a bold bid for a chunk of\u00a0Southeast Asia\u2019s\u00a0retail market,\u00a0it tends to cause a stir.<\/p>\n

Its tactic of pioneering big expensive malls in emerging economies\u00a0says a lot about\u00a0where an economy is at or where it\u2019s heading; so when it launched its first hypermarket in Southeast Asia in Yangon\u00a0in May\u00a0the implication\u00a0was\u00a0that\u00a0Myanmar\u00a0has got serious\u00a0about shopping.<\/p>\n

The 2,800-square-metre store\u00a0is\u00a0three times\u00a0the size of its 14 existing supermarkets in Southeast\u00a0Asia and\u00a0has a\u00a070-sqm dining area and\u00a0a\u00a0200-sqm home appliance department.\u00a0The store will also house Aeon\u2019s microfinance arm, which has\u00a0been\u00a0driving\u00a0sales of electrical and luxury items in countries like Cambodia\u00a0where,\u00a0for many\u00a0people,\u00a0buying\u00a0a new TV or washing machine\u00a0outright\u00a0would require months of saving.<\/p>\n

According to\u00a0Masayasu\u00a0Isozaki, general manager at Aeon Orange,\u00a0Myanmar\u2019s retail industry is a well of untapped potential.\u00a0\u201cThere is more room to increase the number of stores in Myanmar, as the country is short of modern retail space,\u201d\u00a0he\u00a0told\u00a0Japanese\u00a0media.<\/p>\n

Other brands, too, appear to\u00a0share\u00a0Aeon\u2019s faith in the economy.\u00a0Last year,\u00a0Starbucks\u00a0announced\u00a0a total\u00a0investment\u00a0of\u00a0USD6 million\u00a0will be\u00a0allotted\u00a0to open\u00a020 outlets.\u00a0Its first branch,\u00a0opening\u00a0at\u00a0Sule\u00a0Square Mall\u00a0in\u00a0Yangon,\u00a0adds\u00a0to a growing list of international brands\u00a0that have\u00a0already established themselves in\u00a0the country. These include\u00a0Gloria Jeans Coffee, The Coffee Bean and Tea Leaf, KFC,\u00a0and\u00a0Krispy Kreme.<\/p>\n

We have seen\u00a0a\u00a0better than expected performance in new stores. Rising\u00a0disposable incomes, greater connectivity and economic development\u00a0have led to an increase\u00a0in consumer spending\u00a0on food and beverage, not just in Yangon but in other towns and cities<\/p><\/blockquote>\n

As opportunities beckon beyond Yangon,\u00a0Singapore-listed\u00a0Yoma\u00a0Strategic\u00a0Holdings,\u00a0the franchisee of KFC,\u00a0plans to open 70\u00a0KFC stores\u00a0throughout the country over the next five years.<\/p>\n

\u201cWe have seen better than expected performance in new stores [in Mandalay, Taunggyi, Monywa, Bago and Pyay], highlighting the potential to expand our services beyond Yangon,\u201d says Yoma CEO Melvyn Pun, who went on to add that \u201crising disposable incomes, greater connectivity and economic development\u201d have led to an increase in consumer spending on food and beverage, not just in Yangon but in other towns and cities.<\/p>\n

Easing\u00a0the arrival of big brands to Myanmar are changes to legislation which have reduced various barriers to entry, while social media has been key to the changing tastes of consumers.<\/p>\n

According to the Asian\u00a0Development\u00a0Bank,\u00a0Myanmar\u2019s economy is on course to grow 6.6 percent\u00a0this year and 6.8 percent next year on the back of its retail, among other\u00a0sectors.<\/p>\n

More: PropertyGuru Myanmar Property Awards returns for a fifth year with distinguished judges and diverse categories<\/strong><\/a><\/p>\n

With all\u00a0the\u00a0movement in food and shopping, it is unsurprising that retail has been the property industry\u2019s \u201cstar performer,\u201d\u00a0comments\u00a0Karlo\u00a0Pobre,\u00a0managing director of Colliers International Myanmar.<\/p>\n

The\u00a0rental rates\u00a0for retail properties\u00a0have been on\u00a0an\u00a0upward trend\u00a0for\u00a0the past\u00a0five\u00a0years. Prices are\u00a0\u00a0more stable than\u00a0in other sectors where\u00a0fluctuations\u00a0are more common. As a\u00a0consequence,\u00a0occupancy levels for\u00a0the\u00a0majority of new establishments\u00a0are\u00a0averaging\u00a090 percent.<\/p>\n

Last year,\u00a0Yangon\u2019s retail space rose 24 percent on the year before,\u00a0exceeding\u00a0400,000 square metres as three new shopping malls launched. One of those was The Central Boulevard by\u00a0Marga\u00a0Landmark, an award-winning\u00a0complex comprising a\u00a0retail promenade and residential\u00a0units on the corner of two of Yangon\u2019s busiest roads,\u00a0Kabar\u00a0Aye Pagoda Road and\u00a0Kanbe\u00a0Road.<\/p>\n

\"\"
The booming retail sector in Yangon has witnessed the arrival of glitzy malls such as Junction City, which feature a range of international names. Amnat Phuthamrong\/Shutterstock<\/figcaption><\/figure>\n

Other notable mall launches in recent years\u00a0have been Myanmar Plaza,\u00a0City\u202fMall St. John,\u00a0and Junction City,\u00a0which house\u00a0luxury\u00a0labels\u00a0like\u00a0Coach, Hugo Boss,\u00a0and\u00a0Versace.\u00a0Though the average salary in Myanmar is rising,\u00a0it still remains only a few hundred US dollars a month.\u00a0At that\u00a0level,\u00a0a handbag or suit from any of those brands\u00a0is out of reach.<\/p>\n

And yet\u00a0early signs of a diverse consumer culture are emerging. Young people with a bit of extra money\u00a0are\u00a0looking\u00a0to enjoy themselves.\u00a0Clubs, bars, restaurants, and movie theatres are all doing a brisk trade, even\u00a0during\u00a0the week\u00a0—\u00a0\u201ca\u00a0trend not seen before,\u201d\u00a0points out\u00a0Pobre.<\/p>\n

The marriage between movies and malls is a long established one, and in Myanmar it looks set\u00a0to\u00a0blossom as both industries grow.<\/p>\n

More: The birthplace of the Pegu Club cocktail opens its doors once more<\/strong><\/a><\/p>\n

Figures from the Ministry of Information reveal 33 movies were shown across all cinemas in the country in 2017, with the total number of moviegoers estimated between 300,000 and 600,000. At the end of 2018, the number of movies shown rose to 83, and filmgoers to 1.3 million. Myanmar now has 126 digital cinemas and 20 more are due to open this year. Competition is also gaining momentum in the luxury segment, where motorized leather seats and state-of-the-art sound systems and projectors aim to attract film fans.<\/p>\n

\u201cThe entry of foreign brands especially in food and beverage and mid-tier products are positive signs that could fuel consumption moving forward. There are indeed aspirations for\u00a0these types of brands\u00a0and\u00a0this\u00a0is reinforced by the increasing discretionary spending,\u00a0especially\u00a0among\u00a0the young working population,\u201d\u00a0says\u00a0Pobre.<\/p>\n

The excitement around\u00a0retail\u00a0offers some relief to Myanmar\u2019s property\u00a0industry\u00a0as it continues to contend with a drab residential sector.<\/p>\n

After the country opened up in 2015, the hope that a new and spirited housing market would grow out of foreign investment evaporated amid political strife and administrative sclerosis. Slow sales and lukewarm interest from investors continue to discourage developers from launching new projects. Legal and financial obstacles, meanwhile, have obscured the market from foreigners.<\/p>\n

\"\"
Although largely untouched by development, secondary destinations in Myanmar such as Dawei offer spectacular potential. Paul88\/Shutterstock<\/figcaption><\/figure>\n

This year might see some market movement as the government finally gets around to implementing the condominium law. The law, which allows foreigners to buy [Field]up to 40 percent of condominium apartments from the sixth floor of a building or above, was passed in 2015 but is only now being put into action after relevant committees were established in January.<\/p>\n

\u201cThis is\u00a0definitely\u00a0a huge step,\u201d\u00a0says\u00a0Lyra\u00a0Miragrace, a partner at Kelvin Chia Partnership, a commercial law firm.\u00a0The implementation of the law will likely encourage developers to build and sell units in areas neighbouring China and Thailand,\u00a0such as Shan State and\u00a0Dawei\u00a0where\u00a0pockets of natural beauty\u00a0present\u00a0untapped tourism potential.<\/p>\n

However,\u00a0for Western investors, Myanmar\u00a0still carries great reputational risk as its\u00a0thorny political issues\u00a0linger.<\/p>\n

More: Investing in Myanmar, two years after the crisis<\/strong><\/a><\/p>\n

\u201cThe Rakhine issue has been very detrimental to\u00a0investment. The\u00a0[investors] who\u00a0are here\u00a0are those who have been here a while, [so the challenge] will be getting new investors,\u201d\u00a0says\u00a0Miragrace, referring to\u00a0government \u201cclearance operations\u201d\u202fthat drove\u00a0more than\u00a0700,000 Muslim Rohingya out of the country.\u00a0She adds,\u00a0however, that such\u00a0trepidation among Western investors\u00a0aren\u2019t\u00a0shared by Asian investors, particularly\u00a0Chinese who have fewer \u201cqualms\u201d about politically sensitive issues.<\/p>\n

Yet with the rise of economies in nearby Cambodia and Vietnam \u2013 both less darkened by recent political woes, at least in the eyes of the west \u2013 investing in residential real estate in Myanmar might seem like more trouble than it\u2019s currently worth.<\/p>\n

Until excitement builds again,\u00a0Colliers believes cheaper housing is a safer bet and one that would attract local buyers\u00a0since developers and banks partnered to make\u00a0modest loans more obtainable.<\/p>\n

\u201cWe predict that lower-tier\u00a0modern apartments and condominiums will witness better sales performance,\u201d the company\u00a0states\u00a0in a\u00a0February\u00a0report.\u00a0\u201cSimilarly, buyers are likely to gain more confidence towards basic but modern developments, smaller in size and priced more reasonably. The eventual proliferation of mortgage and deposit provisions is seen to change the residential market, which traditionally has been out of reach for\u00a0the\u00a0majority, especially low-\u00a0and middle-income earners.\u201d<\/p>\n

\"\"
The Strand Hotel is about to be joined by numerous other hotels that utilise Yangon\u2019s rich vein of heritage architecture. Matyas Rehak\/Shutterstock<\/figcaption><\/figure>\n

Yet encouraging developers to build small-sized units is not easy. Land prices and construction costs are high, making it hard to sell units at competitive prices. But with sales and launches in the high-end segment virtually stagnant,\u00a0this may be the best option open to developers.<\/p>\n

But more crucially, developers\u00a0should start thinking outside\u00a0the box,\u00a0said\u00a0Stephen Purvis, head of\u00a0Yoma\u00a0Land, a residential housing developer and subsidiary of\u00a0Yoma\u00a0Strategic Holdings.<\/p>\n

\u201cThe key to long term residential success will be to deliver community and not just a box,\u201d\u00a0he\u00a0says.<\/p>\n

\u201cThis applies at all price levels. Just because someone has a lower income does not mean they don\u2019t share the aspirations and needs of the wealthy. We apply that philosophy for developing all our homes, whether selling at USD45,000 or above USD1 million,\u201d\u00a0he said.<\/p>\n

But\u00a0until the\u00a0residential\u00a0market can get back on its feet, the industry can take comfort in\u00a0retail therapy.<\/p>\n

This article originally appeared in Issue No. 155 of PropertyGuru Property Report Magazine<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A boom in retail is giving developers ample reason to splash the cash<\/p>\n","protected":false},"author":8,"featured_media":20257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81,97],"tags":[194,193,192],"class_list":["post-3972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","category-magazine","tag-burma","tag-myanmar","tag-yangon","news_country-myanmar","news_author-george-styllis"],"acf":[],"yoast_head":"\nMyanmar gets a dose of retail therapy | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/myanmar-gets-a-dose-of-retail-therapy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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