More Parksons to open doors next year

Malaysian department store chain Parkson Holdings Berhad is planning to open 12 new outlets in Vietnam, China and Malaysia next year, reflecting the group’s optimism on economic rebound in the post-crisis period in the three emerging markets.

Parkson President cum chief executive officer, Tan Sri William Cheng, said the group currently manages 84 stores in the region, including 44 outlets in China, 35 in Malaysia and five in Vietnam.

In 2008, the group opened nine outlets in the three markets, Vietnam News Agency reported.

In the first nine months of 2009, total revenue from stores opened for longer than 12 months increased significantly, up seven percent in China, more than 20 percent in Vietnam and four percent in Malaysia.

The largest department store chain in Malaysia is also looking at Cambodia as the group plans to open its first outlet in Phnom Penh by the end of next year.

But China remained Parkson’s most important market, contributing 80 to 90 percent of total net profit.

Cheng said sales in China and Vietnam continued to achieve good results this year despite the global economic downturn while those in Malaysia were improving.

Founded in 1987, Parkson, the retailing arm of Malaysian conglomerate Lion Group, is one of the largest retail operators in Malaysia and China.

The group entered Vietnam in 2005 and currently operates five stores in Hanoi, Ho Chi Minh City and Hai Phong.

Hong Nguyen

vietnews

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