Booming Middle Class Fueling Mall Construction

[geovalin]

Khmer Times / Chea Vannak

The rising incomes of Cambodians and the growing middle class as the Kingdom enters lower-middle income status is leading to a new trend in consumer spending, which in turn is fuelling a boom in the construction of malls to cater to changing lifestyles and the increasing number of tourists.

The Sorya Shopping Center, the capital’s first big shopping mall, yesterday announced it is rebranding as the Sorya Center Point in a bid to grab back customers, as it faces increasing competition from the growing number of multi-million dollar shopping malls opening up.

The rebranding of the Sorya mall promises to modernize the old building, featuring a diversity of shops, restaurants, cultural, tourism and entertainment attractions in its five floors, the company said at a media conference yesterday.

The move is in response to the rapidly growing mall sector and the entrance of other major players such as Korea’s Aeon, and the Parkson’s group as consumer incomes grow on the back of one of the world’s fastest growing economies.

read more: http://www.khmertimeskh.com/news/23337/booming-middle-class-fueling-mall-construction/

[chiang mai]

The piece could easily have been written about Thailand fifteen or twenty years ago, the exact same model.

[wabothai]

yeah, yeah, yeah...... great for the mental development of the young ones, not to talk about the pocketbooks of the developers.