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The wave of storefront closures on Hanoi’s so-called “golden” streets is expanding, as spaces tied to high rents remain shuttered for months with no tenants.
Tiền Phong reports that on busy central streets such as Kim Mã, Chu Văn An (Chùa Bộc), Xã Đàn, Phạm Ngọc Thạch, Ô Chợ Dừa, and Cát Linh, rents are high—reaching tens or even hundreds of millions of đồng per month—and many townhouses and storefronts display signs such as “for rent,” “for sale,” or “shop liquidations.”
On Kim Mã street, dozens of storefronts line both sides with for-rent signs.
One example is Ms. Nguyen Hong (or Nguyen Hanh), owner of a fashion shop on Kim Mã, who recently vacated after six years in business. She said rising costs and declining revenue made it too costly to continue: “I rented a small 25m2 space for 30 million VND per month, not including staff, utilities, marketing… In the past six months revenue has fallen sharply, not enough to cover costs, so I had to move out and liquidate the shop.” She added that landlords even proposed a 15% rent reduction to keep tenants, but she was not interested in renewing.
According to Batdongsan.com data, rent levels across Hanoi’s central areas show declines from 2025 peaks as the market cools: Cat Linh down 37%, Kim Mã 32%, Bùi Thị Xuân 28%, Trung Hòa 23%, and Ô Chợ Dừa 13%.
Even on busy corridors such as Chùa Bộc, Phạm Ngọc Thạch, and Xã Đàn, many storefronts remain without tenants for half a year or longer.
Experts said that with e-commerce growing rapidly and rents remaining high, it is natural for once-crowded streets to grow sparse. When the cost of leasing prime storefronts becomes too high, small businesses often cannot compete and may shift to selling online. Shrinking leased space and accepting thinner margins are described as the more viable options.
Another factor cited is the city’s crackdown on urban order violations and sidewalk encroachment. Even with prime locations, small floor areas and lack of parking can also hinder tenancy.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
