Malaysian retailer Parkson closes another location 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 square metres of conference space. The parking lot can contain 400 cars. At the time of closing the shopping centre had 130 brands of fashion retail domestic and foreign, as well as food and entertainment services.

Earlier, in January 2015 Parkson Landmark 72 in the Keangnam Landmark Tower 72 in Hanoi also closed. The management company Parkson Hanoi Co. Ltd. said in a notice pasted on the door of the store saying that the store would only close till January 7 “for stock taking process” but it never opened again.

The notice regarding the closure of Parkson Paragon did not detail the reason. However, earlier when Parkson closed its Landmark 72 location, the reason given was lacklustre business.

For Parkson Paragon, the reason was guessed to be the same. Parkson Paragon is surrounded by many other shopping centres such as SC Vivo City and Crescent Mall, thus competition was tough. Another reason, as analysed by local media, is Parkson Paragon’s monotonous operation that has bored shoppers. Parkson Paragon’s management company have not held culture and entertainment activities the way other malls’ management have been doing.

At the moment Parkson still has eight more stores in Vietnam. Five are located in Ho Chi Minh City, one in Haiphong, one in Hanoi and one in Danang. Some other Parkson locations also see tough competition from other retailers. For example, Parkson Saigon Tourist Plaza in District 1 of Ho Chi Minh City had a Vincom Shopping Mall built right next to it, while Parkson Flemington in District 11 of Ho Chi Minh City is located right next to a Lotte Mart.

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