Shopping Malls Place Greater Emphasis on Unique Experiences

According to a recent report by market research firm Cushman & Wakefield, shopping malls continue to account for a significant share of new retail supply, contributing approximately 85% of the total, with developments increasingly integrated into emerging residential communities, office complexes and infrastructure networks. The firm forecasts that Hanoi could see an additional 314,000 sqm of retail space by 2028, largely concentrated in areas outside the city center.

Against this backdrop, the retail market is entering a new phase of competition centered on the quality of customer experiences. Mai Vo, Director of Retail Services at CBRE Vietnam, noted that shopping malls today are no longer defined solely by retail space or rental rates. Instead, their success increasingly depends on developers' ability to create distinctive experiences for customers and communities, encouraging them to share those experiences and return. This can be achieved through the project's initial positioning, an appropriate tenant mix, community events, flexible spaces and services, as well as seamless connections with surrounding residential and office developments.

As a result, many shopping malls are expanding their role beyond traditional shopping destinations to become places for dining, entertainment, socializing and self-care. Wellness is gradually emerging as another integral part of this evolution. According to the Global Wellness Institute, the global wellness economy reached approximately USD 6.3 trillion in 2023 and is projected to approach USD 9 trillion by 2028.

One of the key drivers behind this trend is the growing need to restore physical well-being and maintain mental balance amid increasingly demanding urban lifestyles. Consumers in major cities are becoming more willing to invest in solutions that support physical recovery and mental well-being, creating opportunities for onsen and therapeutic spa concepts within urban environments.

As demand continues to grow, investments in wellness and relaxation experiences are opening up new possibilities for shopping malls to encourage longer customer visits and provide additional reasons for customers to return.

A Strategic Partnership Bringing Onsen into a Premium Retail Destination

Toshin Development and Mikazuki have announced their collaboration to introduce the Japanese onsen concept at Hanoi Takashimaya S.C., Takashimaya Group's first shopping mall in Hanoi. The shopping mall is part of Westlake Square Hanoi, a mixed-use development by Toshin Development in the Tay Ho Tay area, scheduled to open in autumn 2027.

MIKAZUKI ONSEN & SPA will be introduced at Hanoi Takashimaya S.C. Photo: Toshin Development

Mikazuki is a Japanese hospitality group that has established a strong presence in Vietnam through its Da Nang Mikazuki Japanese Resorts & Spa complex in Da Nang. With its expansion into northern Vietnam, particularly Hanoi, the brand will introduce Mikazuki Onsen & Spa, bringing an experience traditionally associated with resorts outside urban areas closer to everyday city life.

Commenting on the partnership, a Mikazuki representative noted that Takashimaya is a prominent embodiment of the Japanese spirit of "Omotenashi" – the art of Japanese hospitality – characterized by premium service standards and thoughtful customer experiences. These are also values that Mikazuki shares, as the brand seeks to pioneer an urban wellness concept through its expansion into northern Vietnam.

Mikazuki Onsen & Spa will feature a thoughtfully designed space inspired by traditional Japanese onsen culture, complemented by services such as massage and body treatments. Japanese cuisine, with a focus on nutritional balance, will further enhance the experience, creating a more comprehensive wellness journey.

Mikazuki partners with Toshin Development to introduce an urban wellness concept in Hanoi. Photo: Mikazuki

"As we expand into northern Vietnam, Mikazuki aims to bring the Japanese onsen experience closer to the urban lifestyle of Hanoi. We envision a holistic experience where customers can relax, recharge and restore their balance amid their everyday routines, while enjoying convenient access and ease of use," a Mikazuki representative shared.

For developer Toshin Development, the partnership with Mikazuki reflects its strategy of introducing distinctive and innovative retail experiences to the capital's market. Rather than functioning as a standalone service, Mikazuki Onsen & Spa is expected to contribute to the broader retail ecosystem at Westlake Square Hanoi, allowing customers to combine Japanese-style self-care with everyday activities such as shopping, meeting friends and unwinding after work.

The arrival of Mikazuki represents another step forward in Toshin Development's broader vision to expand the role of shopping malls beyond their traditional retail function.

"By bringing together shopping, dining, wellness and entertainment, alongside Japanese-inspired experiences that blend with local culture, we aim to give customers more reasons to visit Hanoi Takashimaya S.C. in particular and Westlake Square Hanoi as a whole, explore the offerings and spend more time with each visit," a Toshin Development representative shared.

A space inspired by traditional Japanese onsen culture at Hanoi Takashimaya S.C. Photo: Mikazuki

In addition to Mikazuki, Toshin Development noted that Hanoi Takashimaya S.C. has been attracting interest from both domestic and international retail brands. In particular, the developer is actively pursuing partnerships to welcome brands entering the Vietnamese market for the first time, promising to further diversify the shopping mall experience for Hanoi residents.

"As the first shopping mall under the Takashimaya brand in Hanoi, we aspire to introduce distinctive experiences and services that will give customers more reasons to visit and spend time here," the developer's representative emphasized.