Out of China, Japan’s retailer Takashimaya eyes expansion in Vietnam
The Ho Chi Minh City store, which opened in 2016, will be expanded to carry more items for families, while another outlet in Vietnam is on the cards.
Japanese department store chain Takashimaya will halt its operations in China, paving the way for opening another outlet in Vietnam, Nikkei Asian Review reported.
Takashimaya's store in Shanghai.
|
The retailer will hold talks with local authorities on the closure of its flagship store in Shanghai. The focus of Takashimaya's overseas operations will shift to Southeast Asia, a region the company sees as more promising.
The Shanghai store, which opened in 2012, has a floor space of 40,000 square meters, about the size of a big outlet in Japan. It caters mostly to wealthy residents of Shanghai, offering a range of luxury brand items.
The Shanghai store got off to a bumpy start the year after violent anti-Japanese demonstrations swept China in 2011. The store's opening also coincided with the takeoff of online shopping, further denting business.
For the year to February, the Shanghai store reported sales of US$29.6 million, up 0.7%, and an operating loss of 900 million yen, its seventh straight year of red ink.
Despite the stumble in China, Takashimaya will continue its overseas push.
The company has three other outlets abroad -- in Ho Chi Minh City, Bangkok and Singapore. The Ho Chi Minh City store, which opened in 2016, will be expanded to carry more items for families.
Takashimaya is also considering opening another outlet in Vietnam. The store in Singapore is doing well, generating some 20% of the company's operating profit. The Bangkok outlet opened in the fall of 2018.
The company's goal is to turn shoppers into repeat customers at the three Southeast Asia locations.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years