McDonald’s to shut down 10-year-old HCMC store

American fast food chain McDonald’s is set to close one of its oldest stores in Ho Chi Minh City.

The Ben Thanh location in District 1, which opened in 2014, would stop operations at 2 a.m. Thursday, the chain said in a Facebook post without revealing the reason for it.

It was the chain’s second restaurant in the city.

After its closure, McDonald’s will have 35 stores in Vietnam, including 17 in HCMC.

Another major American F&B chain, Starbucks, shut down a store at a prime location in District 1 last month after seven years.

Rents for high-end retail property in HCMC surged to a record US$280 per square meter on average in the first half of the year due to limited supply.

It represented increases of 18% increase year-on-year and 60-70% from five years ago, according to property consultancy CBRE Vietnam.