Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
A shopping centre of Takashimaya (Photo: Retail in Asia)
Hanoi (VNA) – Takashimaya, a Japanese operator of upscale department stores,plans to open a shopping centre in Hanoi in 2026 that will be the company'sfirst new location abroad in eight years, Japanese newspaper Nikkei reported.
Takashimaya President Yoshio Murata told Nikkei in a recent interview that thecompany’s subsidiary Toshin Development has started work on a mixed-use complexin Hanoi. Along with a department store, the site will include space forhousing, offices and commercial tenants.
Takashimaya is expected to invest an estimated 2 billion JYP (12.9 millionUSD) in opening the department store.
The Hanoi complex will be the company's first overseas location since itsBangkok store opened in 2018, and its fifth department store in SoutheastAsia and China combined.
With growthgetting harder to come by in Japan, Takashimaya is looking to Southeast Asia inparticular to expand its profit base, Nikkei noted.
Vietnam is being positioned as Takashimaya's biggest growth market due to thecountry's expanding middle and upper classes. However, in Vietnam, it facesheavy competition not only with local players but also with Lotte Group fromthe Republic of Korea and Aeon Mall from Japan.
Murata saidTakashimaya will create stores that will compete with other stores, and thatdemand for Japanese product quality will rise as the standard of livingimproves.
The new complex will feature a department store with about 10,000 sq.m of salesspace, along with specialty stores. Takashimaya is consideringbringing in Japanese tenants to sell such items as food, cosmetics andchildren's clothing.
In Vietnam,Takashimaya opened its first retail centre in Ho Chi Minh City in 2016, which posted a 2% increase in revenues in the fiscal year ending February to 3 billion JPY./.
The Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land) and AeonMall Vietnam Co., Ltd on January 30 officially announced a plan to construct an Aeon Mall shopping centre as part of the TTC Plaza Da Nang project, which is developed by TTC Land in central Da Nang city.
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A shopping centre of Takashimaya (Photo: Retail in Asia) 
