In the next three years, Chip Mong Retail will build six malls across Phnom Penh to tap into rising incomes in the country and the growth of the middle class.
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Chip Mong Retail, part of local conglomerate Chip Mong Group, yesterday announced that, starting this year, it will build shopping malls as well as stand-alone stores in key locations across the capital.
Two of the company’s planned shopping malls will open their doors during this year’s third quarter, while another one will open in Sen Sok during the second quarter of 2020.
Michael Vong, director of Chip Mong Retail, said at a press conference yesterday that the number of shopping malls in the Kingdom is rising due to strong domestic spending, GDP growth and foreign direct investment.
“The population is growing at a healthy rate as is consumer spending. The middle class is growing, which is pushing developers to build more and more retail space,” he said.
“At Chip Mong Retail, we believe that shopping malls are not just about buildings, but about the people who visit them every day.
“Our goal is to deliver exceptional experiences for our customers through an effective category tenant plan, and to develop customer-engaging marketing programmes that will result in higher visitation levels that lead to higher customer yield,” he said.
Henry Leang, president of Chip Mong Land, said Chip Mong Land and Chip Mong Retail are cooperating in a number of projects. Shopping malls will be raised at certain Chip Mong Land’s projects, including The Park Land Sen Sok, The Park Land 598 and The Land Mark 271.
“From now on, wherever we are, Chip Mong Retail will also come,” Mr Leang said. “Chip Mong Land and Chip Mong Retail will bring the modern lifestyle to Cambodian customers.
“Our partnership with Chip Mong Retail will enhance convenience for our customers and allow them to enjoy retail malls,” Mr Leang said.
Chip Mong Retail opened its first supermarket in August last year.