Parkson to exit MyTown Shopping Centre in February
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Malaysian department store chain Parkson will close its outlet in MyTown Shopping Centre, Cheras next month.
The closure will come fast on the heels of recent shut-downs of Parkson stores at Suria KLCC and M Square Mall in Puchong, and occurs less than three years after the 150,000sqft store started trading.
“The retail market is very dynamic,” said a Parkson spokesperson in a statement to The Edge Markets. “Store opening and closing is part and parcel of doing business. In Malaysia, shopping malls are mushrooming everywhere and the demographics are ever changing.
“The retail scene is increasingly competitive; when sales do not meet expectations, we have to cut losses and move on. Similarly, shopper demographics are constantly evolving.”
The chain has closed several stores over the past two years within its Malaysian market, including stores at Megamall Kuantan, Melaka Mall, Maju Junction and Sungei Wang. It has also closed most of its Vietnam stores.
Questions & Answers
Q.Which other Parkson stores have closed recently in Malaysia?
Which other Parkson stores have closed recently in Malaysia?
Parkson has recently closed outlets at Suria KLCC and M Square Mall in Puchong. Over the past two years, other closures in Malaysia include stores at Megamall Kuantan, Melaka Mall, Maju Junction and Sungei Wang.
Q.How long had the Parkson store in MyTown Shopping Centre been open?
How long had the Parkson store in MyTown Shopping Centre been open?
The Parkson store in MyTown Shopping Centre had been trading for less than three years. It was a 150,000 square foot store before its upcoming closure in February.
Q.Why is Parkson closing its MyTown Shopping Centre branch?
Why is Parkson closing its MyTown Shopping Centre branch?
Parkson stated the retail market is very competitive and dynamic. The closure is because sales did not meet expectations, leading the company to cut losses and move on.
Q.Has Parkson closed any stores outside of Malaysia recently?
Has Parkson closed any stores outside of Malaysia recently?
Yes, the company has also closed most of its stores in Vietnam. This follows a trend of closures within its Malaysian market over the last two years.
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