Luxury Business Group, WorldBridge partner to develop Cambodia’s retail sector

They will provide consulting services, amongst others.

South Korea-based consulting firm Luxury Business Group (LBG) and Cambodian conglomerate WorldBridge Group signed a joint venture term sheet to improve the luxury and retail sectors in the Southeast Asian country.

Under the joint venture term sheet, the two companies will be involved in developing various business opportunities in the sector including in The Peak Complex Shopping Mall in Phnom Pehn which consist of two 55-storey residential towers, an office, and a five-star Sangri-La hotel. It is the first luxury shopping mall to open in the fourth quarter of 2023.

LBG and WorldBridge aim to differentiate Cambodia’s luxury sector and accelerate its growth into a “world-class retail playground.”

READ MORE: Cambodia captures luxury brands despite headwinds: report

They will do this by providing consulting on recruitment and training, operational service manual development, store and brand human resources organisation strategy, and store and luxury brand HR management know-how and leadership.

“The development of higher standards in the retail sector is critical for serving the Cambodian consumer and capturing the full potential of tourism dollars in the domestic market and travel retail such as downtown duty-free,” said WorldBridge Group Chairman Neak Oknha Rithy Sear.

“Top global brands, both in the luxury and premium segments, require professional skills that are currently in short supply. Advancement of the Cambodian retail sector will require significant investments in human resource development,” he added.