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Chip Mong Noro Mall, opened in 2019 by Chip Mong Group, is a six-story boutique community mall in Phnom Penh's upscale Boeung Keng Kang 1 district, at Norodom Boulevard corner Streets 360 and 370. It spans 17,876 square meters gross floor area and 7,400 square meters net leasable area, with 33 flexible units, 13 kiosks, and ATM spaces. Targeting middle to upper-middle income locals, expats, and professionals in BKK1 and Tonle Bassac, the tenant mix includes a ground-floor Chip Mong supermarket, upper-level cinema, diverse F&B outlets like restaurants and cafes, retail stores, a bank, and offices.
Design incorporates natural elements and open spaces for community engagement and lifestyle experiences.
Accessibility is enhanced by three flanking roads, prominent signage on busy Norodom Boulevard, escalators, two passenger lifts, and parking for 79 cars and 317 motorbikes. In Phnom Penh's retail market, overall occupancy fell to 58.3% in Q3 2024 from oversupply of 769,000 square meters, down from over 80% in 2019, creating challenges like rent pressures around $25 per square meter monthly for premium spaces.
Strengths lie in affluent demographics supporting footfall, balanced tenant diversity mitigating weak categories such as fashion, and leasing flexibility with minimum three-year terms. Drawbacks include intense competition from newer malls like Aeon Mall 2 and The Park, urban traffic congestion impacting access, and potential saturation in F&B segments affecting performance.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics
The BKK1 location draws a demographic of affluent residents, expats, young professionals, families, and students from nearby universities and offices, with middle to upper-middle socioeconomic profiles in a city population exceeding 2 million. This catchment supports consistent footfall for dining and entertainment, bolstered by residential growth. However, dependence on localized traffic may constrain broader appeal amid economic shifts and urban expansion pressures.
Competition
Phnom Penh's retail landscape has intensified with over a dozen malls since 2019, including Aeon Mall 2, The Park, and Prince Plaza, contributing to city-wide occupancy decline to 58% in 2024 from robust 85% levels earlier. Noro Mall faces rivalry in F&B and lifestyle categories, where saturation leads to slower growth in fashion and general merchandise. Retailers benefit from community focus but must innovate to maintain share in a market with sluggish take-up and increasing vacancies.
Accessibility and Risks
Strong accessibility via Norodom Boulevard and three roads aids visibility and traffic flow, with 396 total parking spaces and modern facilities like CCTV and fire systems ensuring operational quality. Lease terms start at three years, with rents estimated $20-30 per square meter. Risks encompass Phnom Penh's chronic traffic issues hindering footfall, post-2019 infrastructure maintenance needs, and broader market factors like oversupply driving rent negotiations and occupancy variability around 60-70% for similar properties.
Building Details
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Phnom Penh
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City Snapshot
Phnom Penh
Comprehensive market intelligence for retail expansion in this city