Parkson opens at Saigon Paragon

Parkson, a well-known shopping brand for hi-end fashions, on Saturday opened its new offshoot at the Saigon Paragon department store in HCM City’s District 7 after Kim Cuong Corporation as the previous retailer at the site shied itself away from business there.

The Parkson Paragon department store on Nguyen Luong Bang Street in Phu My Hung is now managed by Parkson Vietnam under joint cooperation with Kim Cuong.

This store, invested with over $5 million by Parkson, brings the total number of shopping stores of this brand in the country to seven, five of which are located in HCM City.

The Parkson Paragon store, with a total area of some 15,000 square meters over five floors, now also includes a Megastar Cinema Complex, a food court and supermarket, said Tham Tuck Choy, general director of Parkson Vietnam, at the opening ceremony.

Previously, Le Hoai Anh, general director of Kim Cuong Corporation, said that her company decided to partner with the professional management firm Parkson to improve the building’s business performance. She pinned high hopes that Parkson’s good management would give a boost to the shopping venue.

With experiences gained from six years of operation in Vietnam, Parkson believes it will succeed at the new store owing to higher purchasing power in the new urban area.

Tham said that Phu My Hung is now home to some 10,000 households, with half of them being Vietnamese well-to-do families and the rest being foreigners including entrepreneurs, experts and intellectuals, who have high income.

“I believe the launch of Parkson Paragon will satisfy the shopping and entertainment demands of not only Phu My Hung residents but also people living in District 7 and neighbouring areas,” Tham said.

Vietnam boasts rapid economic development, especially in the retail sector, and Parkson sees the country as its most important market, he said.

The leading retailer from Malaysia said its business in Vietnam had recorded the highest growth among markets worldwide where it is present, so it plans to further expand its investment in the country. Tham said its growth business in Vietnam last year was some 30 percent, while this is some 10 percent in China and 10-15 percent in Malaysia.

In 2011, it will develop more stores and renovate existing ones to meet the growing demand of the market. “Our strategy is to open 2-3 new stores every year in key cities of Vietnam in the near future.” Tham said, adding the next store would open in Hanoi in August.

Up to now, the company has invested nearly $80 million in Vietnam. Last year, its sale revenue was some $200 million. – Saigon times

Tags: Parkson, Saigon Paragon