Parkson closes fourth stores in Vietnam

Parkson has just closed its second store in Ho Chi Minh City following losses. Parkson Flemington stopped operation in late January Parkson Flemington, located in District 11, stopped operation in late January, Thuy Duong Co., which operates the brand in Vietnam, said in an announcement on Monday. According to the company, its business remains normal at the six remaining Parkson stores in Vietnam, where customers can still enjoy benefits from their membership. At Parkson Flemington, traders were seen moving their booths. Some said they will move to Parkson Hung Vuong to continue their business. This is the fourth Parkson stores in Vietnam closed including the two in Hanoi which ceased services in 2015 and 2016. Parkson used to enjoy good business in Vietnam between 2005 and 2010 but began to lose its ground to newer shopping venues in 2011. Many traders said that their businesses have gone down in recent years after facing tough competition from modern, multifunctional shopping malls. Parkson stores lack the entertainment and dining experiences offered by modern shopping centres. The boom of online commerce in Vietnam has also greatly affected Parkson business, market analysts said. In 2017, Parkson made nearly VND500 billion (USD22 million) in revenue from its Vietnamese stores, but its accumulated losses rose to more than VND60 billion (USD2.64 million), according to Parkson Retail Asia. The Malaysian department store operator now has four outlets operating in Ho Chi Minh City, one in the northern city of Hai Phong, and one in the central city… [Read full story]

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