McDonald’s to shut down 10-year-old HCMC store
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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.
Questions & Answers
Q.Which McDonald's store in Ho Chi Minh City is closing?
Which McDonald's store in Ho Chi Minh City is closing?
The Ben Thanh location in District 1, which was McDonald's second restaurant in the city, is set to close. It originally opened in 2014 and would have been operating for ten years.
Q.Will McDonald's still have a significant presence in Vietnam after this closure?
Will McDonald's still have a significant presence in Vietnam after this closure?
Yes, after this closure, McDonald's will still operate 35 stores across Vietnam. Seventeen of these remaining locations will continue to be situated within Ho Chi Minh City.
Q.Has any other major American food and beverage chain recently closed a store in Ho Chi Minh City?
Has any other major American food and beverage chain recently closed a store in Ho Chi Minh City?
Yes, another major American F&B chain, Starbucks, closed one of its stores last month. This particular Starbucks location was also situated in a prime area of District 1 and had been open for seven years.
Q.What is mentioned as a potential factor contributing to store closures in Ho Chi Minh City?
What is mentioned as a potential factor contributing to store closures in Ho Chi Minh City?
Rents for high-end retail property in Ho Chi Minh City have surged to a record US$280 per square meter on average. This represents an 18% increase year-on-year and a 60-70% rise from five years ago due to limited supply.
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