Parkson closes its fourth retail store in Vietnam This will make the fourth store to be closed in Vietnam. The Parkson retail chain in Vietnam is one of the Parkson Holdings Berhad units suffering the bleakest business results. Notably, in the financial year of 2017, Parkson Vietnam and Parkson Myanmar reported a revenue of VND600 billion ($26.2 million) only, decreasing 9 per cent on-year. The two units also reported a loss of VND29 billion. In January 2015, they closed Parkson Landmark 72 in Keangnam Landmark Tower 72 in Hanoi and then in May, Parkson Paragon in Ho Chi Minh City. In addition, they closed Parkson Viet Tower or Parkson Thai Ha, the group’s second store in Hanoi after eight years of operation, citing unsatisfactory business results. According to Tan Sri William H.J. Cheng, chairman of Parkson Holdings, the Vietnamese retail market is reaching saturation, proved by its negative business results as well as the withdrawal of numerous stores. Entering Vietnam in 2005, Parkson Holdings Berhad became one of the leading retailers in Vietnam by building a chain of retail stores in Ho Chi Minh City, Hanoi, Haiphong, and Danang. However, the race for market share became heated as other massive… Read full this story
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