Cushman & Wakefield Retail Services as the Retail Consultant & Leasing Agent for Hoang Anh Gia Lai Myanmar Centre
Hoang Anh Gia Lai (HAGL) Myanmar Centre has a strategic location in central Yangon, Myanmar. Being the Developer’s biggest project up-to-date, it has been receiving very high expectations from the board of managements as well as shareholders. Hence, the core objective of Cushman & Wakefield Retail Services is to help maximize the project’s performance and profits.
One of the most challenging aspects of the project is that the new retail market is unstable; and there are hardly any standard or criteria for the lease of a modern shopping centre.
Myanmar is undergoing an important transformation, which will lead to massive changes in consumers’ spending trend and spending capability. Cushman & Wakefield Retail services has undergone in-depth market research and studies in order to give the best market forecasts. Based on these studies, C&W provides the Developer with prudent and solid advice on project concept, positioning and category mix which will help boost the project’s performance in the future.
Cushman & Wakefield Retail Services made the best endeavor to obtain the retailers’ feedback and used that to compare our market to other mature markets in order to provide the optimal financial outcome.
At the time being, HAGL project’s rental rate is among the highest in Myanmar. Still, from identifying, approaching to negotiating and signing, Cushman & Wakefield Retail Services has so far closed plenty of successful deals with tenants at HAGL project, raising the occupancy rate to more than 85% although the project construction is expected to be completed in 2015.
As the project is under construction, Cushman & Wakefield Retail Services is focusing on filling up unoccupied retail areas and achieve high occupancy rate before the hand-over date.