Declared they would rent for at least 3 years, if the landlord doesn’t make things difficult like increasing from 20% to 30% to $50,000/month….
According to our records, recently, MIA’s Valy, purse store,… located at Ngã Sáu Phù Đổng, the most expensive rented premises in Viet Nam, has recently hung up a sign to change location.
An image of MIA store at Ngã Sáu Phù Đổng on March 13, 2024. Photo: Trọng Nghĩa
Inside the store, it can be seen that there are no longer any goods, shelves, signs. Previously, this was a cross-Tet selling point in 2024 of MIA.
An image of MIA store at Ngã Sáu Phù Đổng at the end of 2023. Photo: Trọng Nghĩa
In an interview more than a year ago, Trần Anh Tuấn – MIA’s Founder/CEO, shared that MIA plans to have a long-term relationship with this rental space rather than run away early. They will not rent for 1 year but at least 3 years, as long as the landlord does not make things difficult like increasing from 20% to 30% to $50,000/month for example.
Counting from the opening day on November 19, 2022 until now, MIA has been in this expensive location for just over 1 year.
Ngã Sáu Phù Đổng – The most expensive rented premises in Vietnam
Since Starbucks entered the Vietnamese market 11 years ago and opened the first store at the corner of Nguyễn Thị Nghĩa – Phạm Hồng Thái streets facing Ngã Sáu Phù Đổng, this area has become “hot” with the F&B industry.
According to that, located at Ngã Sáu Phù Đổng – the intersection of 6 streets in District 1, the location at 325 Lý Tự Trọng is not only the most expensive premises in Ho Chi Minh City but also in Vietnam. Over the past decade, this location has witnessed the coming and going of many well-known F&B chains such as Phúc Long, Soya Garden, PhinDeli,…
The first notable name to mention is the “big player” Phúc Long with the tea – coffee shop that used to be crowded in this location. Before the Covid-19 pandemic, Phúc Long was always busy regardless of the time of day, even on some peak days, it had to wait in line for a long time.
By July 2019, Phúc Long announced that it would return the premises and Soya Garden – an organic soy milk startup quickly took over. This startup had successfully raised funds on the program Shark Tank Vietnam (Billion dollar deal) and was supported by the E-Group corporation of Mr. Nguyễn Ngọc Thủy with an initial investment of about 100 billion VND.
However, Soya Garden was not profitable, plus the “punch” of Covid-19, so in the middle of 2021, it returned the premises at Ngã Sáu Phù Đổng as well as other business locations in Ho Chi Minh City and moved back to Hanoi.
By November 2021, the next new owner of the premises at the Ngã Sáu Phù Đổng roundabout was revealed, it was the Phin Deli coffee brand. However, only after about a year since its opening, Phin Deli withdrew.
Phin Deli is the one to follow Phúc Long and Soya Garden at Ngã Sáu Phù Đổng. Photo: Hồng Phúc (Dân Việt)
After Phin Deli left, MIA – a brand specializing in glasses, handbags, ended the sequence of F&B stores at this location. It is worth mentioning that after each brand left, the luxury of this location not only decreased but also increased day by day.
At the time MIA set up a store at Ngã Sáu Phù Đổng, a marketing expert named Đức shared on Tiktok: Phúc Long rented this premises for 5 years with a price of $14,000/month, then the landlord increased it to $25,000/month, so Phúc Long gave up. Both Soya Garden and PhinDeli were rented at a price of $25,000. After PhinDeli left, the price of this premises increased slightly to $26,000 (about 700 million VND) and belonged to MIA
With a price of up to 700 million VND/month, the position at Ngã Sáu Phù Đổng deserves to be one of the most expensive premises in Vietnam.
Many experts and insiders have shared that accepting such a high rent is to build a brand. However, with such high prices, in difficult times like today, cutting unnecessary costs is also necessary for businesses.
