the 1st flagship PRADA store in Vietnam by cushman & wakefield retail services

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The Challenge

The site at No. 63 Ly Thai To street, Hanoi CBD was previously occupied by Gucci. However, due to conflict between Gucci and their distributor in Vietnam, landlord of the location - Hongkong Land appointed Cushman & Wakefield as their agent to find other tenant for this area. 

The selected tenant must be the top world fashion brand and be able to pay for one of the most expensive locations in Vietnam.

The Solution

Cushman & Wakefield’s strategy was to find out luxury fashion brand which wanted to directly open and manage their first flagship store in Vietnam. 

Cushman & Wakefield successfully approached one of the most famous fashion brands in the world -PRADA and persuaded them to rent one of the most expensive and luxurious locations in Hanoi CBD.

The Results

After 10 months of negotiation, Cushman & Wakefield managed to persuade PRADA and helped the Landlord of No.63 Ly Thai To building to achieve the highest rent in Vietnam. 

The store is scheduled to open in Q1 2015.