Cambodia’s export of garment products was worth $3,155 million in the first quarter (Q1) this year—a 24.8 per cent rise year on year (YoY), say figures from the general department of customs and excise. The number of shoppers rose significantly in Q1 after socio-economic activities were reopened in November last year, said the latest report of CBRE Cambodia.
The CBRE report, titled ‘Q1 2022 Market Insights—Navigating the new norms’, said the increase in shoppers is a positive sign for the recovery of Cambodia’s retail sector.
CBRE Group is an American commercial real estate services and investment firm. CBRE stands for Coldwell Banker Richard Ellis.
Cambodia’s export of garment products was worth $3,155 million in the first quarter (Q1) this year—a 24.8 per cent rise year on year (YoY), say figures from the general department of customs and excise. The number of shoppers rose significantly in Q1 after socio-economic activities were reopened in November last year, said the latest report of CBRE Cambodia.
Another positive sign in the sector is the arrival of 44 new brands, including international brands such as H&M, OVS and Wilsonart, in the country, Cambodian media reported.
CBRE Cambodia said that the basic vaccination campaign and boost dose have given customers confidence in walking and shopping in supermarkets. In addition, with the recovery, tourism has become a driving force for the retail sector to recover as well.
However, rents remain under pressure, with the occupancy rate being at 66.6 per cent, and rents for prime high street and community markets falling by 6.8 per cent and 1.6 per cent respectively.
Fibre2Fashion News Desk (DS)
