When traveling along the road, it is not difficult to see signs such as "leasing premises", "inviting to rent a house" or "transfer premises". Most of the stores that return the premises are mainly coffee shops, fashion stores, eateries and some other service stores.
With a length of nearly 2km, Nguyen Van Cu route extends from Ho Tung Mau street (main gate of Ho Chi Minh Square) to Kenh Bac bridge, connecting to Ha Huy Tap street. This place was once considered a symbol of a bustling business street, attracting big brands from high-end stores, fashion, cosmetics, coffee shops to restaurants, eateries, creating the busiest, most luxurious, and classy neighborhood in the center of Vinh City.
However, in recent years, the business situation has become gloomy, while the rental price of premises remains high, forcing many people to accept returning premises. A coffee shop owner on Nguyen Van Cu Street shared that "every month I have to pay a rental fee of 20 million VND for a shop with an area of 5 meters in the front".
According to information, the rental price of business premises on Nguyen Van Cu Street is among the highest in Vinh City, ranging from 10 to 50 million VND/month/business location and area, with a minimum rental contract of 6 months. In the current context of difficult business, this price is considered too much for many tenants.
In addition to expensive premises, the strong development of shopping malls, online sales platforms and changes in shopping habits have caused traditional business models to lose their competitive advantage. Unable to bear the losses, many store owners were forced to accept the transfer of premises and find locations with lower costs.
Ms. Hoai - owner of a clothing shop on Nguyen Van Cu Street, shared: "Not only the rent, we also have to spend many expenses such as imported goods, staff, electricity and water... Customers buy too little, they cannot survive. Moving the store to a location with a cheaper rental cost is a must to reduce losses".
Faced with this situation, many premises owners are considering reducing rental prices to attract business people back. Economic experts say that the situation of mass site return could continue if there is no adjustment to rental prices or support policies from local authorities.
The change on Nguyen Van Cu Street is posing a difficult problem for traders and even those who rent premises. Finding a solution to restore the vibrance of this street is still a big challenge in the coming time.
