When the opulent Parkson Paragon shopping center opened to much fanfare in 2011, general director of Parkson Vietnam Tham Tuck Choy welcomed the new venture with an optimistic attitude.
“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 neighboring areas,” he told reporters.
Oh, how the mighty have fallen.
The iconic(ish) five-story, 19,000-square-meter shopping center was built to showcase the top brands in fashion, cosmetic, perfume, jewelry and footwear. However, after five years of operation, Parkson announced on Monday that they would be shuttering the mall without divulging the reasons behind the move, reports VnExpress. The mall’s management firm, Thuy Duong Company, told the media that it had already informed tenants of the closure.
Industry insiders cited by the news outlet were not surprised by the shopping center’s move as “it has failed to attract customers for years”, a trend which has been previously explored in this space.
Perhaps competition can be attributed to the Parkson Paragon's decline after its opening, as the shopping mall found itself up against other venues like the nearby Crescent Mall and SC VivoCity.
This isn’t the first Parkson shopping center in Vietnam to close its doors. Last January, the company pulled out of Keangnam Hanoi Landmark Tower, citing poor revenue performance. As it stands, Parkson currently operates eight malls in Vietnam, five of which are in Saigon.
[Photo via Flickr user Henry Lee]
