Hanoi malls shift focus from fashion to F&B and lifestyle

Fashion sales have now shifted to e-commerce.

Hanoi’s retail landscape is experiencing a subtle but significant transformation, with shopping malls gradually shifting their tenant mix to reflect changing consumer behaviour, according to Savills Vietnam.

A recent tenant survey across a wide sample of malls and retail podiums indicates that while fashion and cosmetics remain important, their dominance has slightly eased in response to the rapid growth of e-commerce, which expanded 40% in 2024 to reach US$13.8 billion. Physical stores now capture just under three-quarters of the market, prompting mall operators to diversify beyond traditional fashion anchors. Savills noted that some global brands are slowing expansion or exiting the market, further encouraging this transition.

Meanwhile, food and beverage (F&B) outlets have emerged as a key driver of foot traffic, accounting for 24% of Hanoi’s tenant mix between 2021 and 2025. Dining and café culture continues to thrive, with consumers prioritising social and leisure activities in urban lifestyles. The growth of F&B is complemented by an expanding lifestyle segment, which includes essential goods and home-related products, reflecting stronger demand for experiential shopping.

Entertainment and other niche categories have remained relatively small but stable, according to Savills, highlighting that malls are increasingly focused on experiences rather than just merchandise. Rising spending on concerts, premium dining, and travel underscores a broader shift toward leisure, wellness, and social engagement, which in turn influences tenant strategy.

“Shopping malls in Hanoi are evolving from being mere retail spaces to becoming lifestyle hubs,” the report stated. “F&B and lifestyle tenants now provide compelling reasons for customers to return, while traditional fashion stores maintain relevance but no longer dominate.”

Savills emphasised that malls that integrate diverse lifestyle and experiential offerings are better positioned to attract and retain footfall, aligning with a broader global trend of modern retail as a social and experiential destination rather than a pure shopping function.