Takashimaya shelves plans to open store in Vietnam

Takashimaya Co. shelved plans to open a department store in Vietnam because of the economic slowdown, the Asahi newspaper reported, citing Koji Suzuki, president of the Japanese retailer.

“We are not in a situation to open a store (in Vietnam) as wages and living conditions of the people are not rising as much as the increase in property costs,” Suzuki was quoted by the newspaper as saying.

Osaka-based Takashimaya opened an office in Ho Chi Minh City in April last year in preparation for its first outlet in Vietnam, the paper said.

thanhnien, bloomberg

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