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]
The Vietnamese unit of Parkson, Malaysian conglomerateLion Group’s largest department store chain, will officially close itssecond store in Hanoi after eight years of operation, citingunsatisfactory business results. The store, which has been known as Parkson Viet Tower or Parkson ThaiHa, is located on Thai Ha street in Dong Da district of the city. A few days ago, a notice was posted on the front door of the store announcing the official closing on December 15. Parkson Hanoi Co., Ltd., the management company of Parkson VietTower, said that the move will not impact the operation of Parkson’sremaining stores in Vietnam. Customers…... [read more]
Malaysian department store operator Parkson has closed another outlet in Ho Chi Minh City, making a total of four closed locations in Vietnam. Parkson Flemington, located in District 11, ceased service in late January, Thuy Duong Co., which operates the brand in Vietnam, said in an announcement on Monday. All business partners at the outlet had been notified of, and agreed upon, the shutdown, according to Thuy Duong Co. The company asserted that its business remains normal at the six remaining Parkson stores in Vietnam, where customers can still enjoy benefits from their membership. In January 2015, the Malaysian…... [read more]
The Vietnamese unit of Parkson, Malaysia's largest department store chain, closed its Hanoi store out of the blue last week, leaving traders only a weekend to move out of the facility, citing unsatisfactory business results. Parkson Vietnam Co. Ltd. announced in a document released on Friday that it had terminated the booth leasing contracts with traders, requesting that the sellers cease business and "remove fixture [sic] and stocks" from the shopping mall, located in the 72-story Keangnam Hanoi Landmark Tower, by the end of Sunday. The Parkson Landmark 72 was inaugurated on December 2, 2011 and had not had a…... [read more]
Parkson, the retail arm of Malaysian conglomerate Lion Group, yesterday officially closed Parkson Paragon in Ho Chi Minh City, adding one more to the list of closed Parkson shopping centres in Vietnam. The information was posted on Parkson’s website parkson.com.vn. The store, located on Nguyen Luong Bang street in District 7 of the city, in the upscale Phu My Hung urban area, closed after five years of operation. The building Saigon Paragon where Parkson Paragon was located has area of 19,000 square metres of trade area, 4,000 square metres for entertainment, 15,000 square metres of office for lease and 3,000…... [read more]
HCMC - Parkson, a well-known shopping brand for hi-end fashions, has opened a new outlet at the 72-storey Keangnam Hanoi Landmark Tower, the country's tallest building. The Parkson Landmark 72 is also the biggest and most luxurious department store in Hanoi with a total gross retail area of 35,600 square meters. So its inauguration last Friday marks a further development of Parkson in the Northern Vietnam market and takes the number of Parkson stores in the nation to eight. The new store has five levels and stocks a collection of renowned fashion, perfume and cosmetics brands for youth. This will…... [read more]
