Malaysian department store chain Parkson will close its outlet in MyTown Shopping Centre, Cheras next month.
The closure will come fast on the heels of recent shut-downs of Parkson stores at Suria KLCC and M Square Mall in Puchong, and occurs less than three years after the 150,000sqft store started trading.
“The retail market is very dynamic,” said a Parkson spokesperson in a statement to The Edge Markets. “Store opening and closing is part and parcel of doing business. In Malaysia, shopping malls are mushrooming everywhere and the demographics are ever changing.
“The retail scene is increasingly competitive; when sales do not meet expectations, we have to cut losses and move on. Similarly, shopper demographics are constantly evolving.”
The chain has closed several stores over the past two years within its Malaysian market, including stores at Megamall Kuantan, Melaka Mall, Maju Junction and Sungei Wang. It has also closed most of its Vietnam stores.