Japan's Takashimaya eyes new shopping hub in Vietnam by 2026
VOV.VN - Takashimaya, the Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi as soon as 2026, according to Japanese media outlet Nikkei Asia.
This will be the company's first new location abroad in eight years, reported the newswire.
Nikkey Asia quoted Yoshio Murata, president of Takashimaya, saying subsidiary Toshin Development has started work on a mixed-use complex in Hanoi, that along with a department store will include space for housing, offices, and commercial lease.
Takashimaya is expected to invest an estimated US$12.9 million in opening the department store, with project set to be the first Japanese department store chain to establish a physical presence in Hanoi.
The new complex will feature a department store boasting about 10,000 square metres of sales space, along with a range of specialty stores. Takashimaya is also considering bringing in Japanese tenants to sell items such as food, cosmetics, and children's clothing.
Hanoi will be the second Vietnamese city to host a Takashimaya retail centre. The complex that opened in Ho Chi Minh City in 2016 has roughly 150 specialty shops along with a department store.
It is also Takashimaya's first overseas location since its Bangkok store opened in 2018, and its fifth department store in Southeast Asia and China combined. The firm also intends to expand the Ho Chi Minh City location in the future.
At present, Vietnam is viewed as Takashimaya's biggest growth market due to the country’s rapidly expanding middle and upper classes, although it faces heavy competition there.
In addition to local players, Lotte Group of the Republic of Korea has opened a mall and a department store in Hanoi, whilst Japan's Aeon Mall also has a presence in the Vietnamese capital.
At present, Takashimaya has invested in the construction and operation of a school in co-operation with a Vietnamese partner, whilst it is looking to invest more capital in joint real estate development projects in the country.
The Japanese company aims for Vietnamese operations to double the sum of operating profit and dividend income to US$28.5 million by the fiscal year ending February, 2027.
