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Against the backdrop of major retailers accelerating their northward expansion trend, the Westlake Square Hanoi project in Tay Ho district is emerging as a strategic destination, drawing attention from major brands due to a combination of market tailwinds and location advantages.
Recent data from the Hanoi Statistics Office indicates that in the first two months of 2026, total retail sales of goods and consumer services reached VND 171.5 trillion, up 13.2% year on year. Retail sales of goods accounted for VND 112.9 trillion, representing 65.8% of the total and increasing 15.8%.
Experts attribute the outlook to improving domestic consumption and a recovery in consumer confidence, which is expected to support sustainable demand for the retail segment in the coming period.
Avison Young’s Q1 2026 report estimates that Hanoi’s total modern retail supply is about 1.7 million square meters, with shopping centers continuing to dominate. The report also puts the overall market occupancy rate at 89%.
It notes that inner-adjacent areas are increasingly becoming key retail destinations as project density rises, helping reshape Hanoi’s retail structure. Avison Young adds that the market is developing with a focus on operational quality and improving customer experience rather than rapidly expanding supply.
As retailers expand northward, site-selection strategies are changing. Researchers say that while central locations were previously prioritized due to existing foot traffic, many brands are now targeting master-planned urban areas with longer-term growth potential.
Locations offering advantages in position, planning, and the surrounding amenities ecosystem are gaining traction. Starlake Tay Ho Tay is cited as a focal point for major retailers, supporting growth for premium commercial projects.
The northward expansion trend is reflected in the plans of international retailers, including Japanese luxury retailer Takashimaya. After establishing its presence in Ho Chi Minh City with Saigon Centre, Takashimaya is expected to expand to Hanoi through a project at Westlake Square Hanoi, described as a Grade A commercial tower in Tay Ho Tay.
The project is being pursued by Toshin Development, the developer under Takashimaya. It aligns with Toshin Development’s view of the area’s potential for a retail-commercial project that leverages advantageous location, planning, and an urban ecosystem such as Starlake.
Westlake Square Hanoi’s appeal is linked to its prime position in the West Lake area, identified as the future hub of administration, technology, and services in Hanoi. The area is seeing rapid development of office towers, hotels, R&D centers, and high-end housing projects.
In addition, transport infrastructure, landscaping, and parks are being completed, which is expected to attract residents, visitors, and highly skilled workers—supporting a more diverse customer base for future retail activity.
Westlake Square Hanoi is positioned as the project bringing Takashimaya Department Store to the capital for the first time. After opening, it is expected to add high-end retail supply and set a new benchmark for retail-commerce in the Starlake area and across Hanoi.
Mai Vo, Director of Retail Services at CBRE Vietnam, said: “The Starlake Tay Ho Tay area is rapidly transforming into a new retail destination for young people, bringing together premium lifestyle trends and next-gen retail centers. In the near future, the launch of Westlake Square Hanoi by Toshin Development and the presence of Takashimaya are expected to become a catalyst, elevating Tay Ho Tay as Hanoi’s new retail focal point.”
Overall, Westlake Square Hanoi’s entry is expected to contribute to broader shifts in Hanoi’s premium retail market, aligning with long-term urban growth and changing consumer patterns.
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