Takashimaya Vietnam store profits for first time since opening
HO CHI MINH CITY, NNA – Takashimaya Vietnam Ltd., a fully owned subsidiary of Japanese department store operator Takashimaya Co., posted a profit in the business year ending February 2020, a first since opening its Ho Chi Minh City outlet four years ago.
The Vietnam unit, which operates the department store Ho Chi Minh Takashimaya in Vietnam’s largest city, announced a 100 million yen ($928,930) operating profit on sales of 2 billion yen, up 12.4 percent from the previous year, according to the retailer’s financial statement released on Monday.
The store lost 100 million yen the previous business year, according to the Japanese retailer.
Takashimaya is expanding business in Vietnam. In 2019, the Osaka-based parent company announced that its 100 percent subsidiary Toshin Development Co. would build and lease commercial and office properties as well as a school in the Starlake real estate project being developed in the outskirts of Hanoi.
Takashimaya Vietnam has also bought commercial and office sectors of Indochina Plaza Hanoi, a commercial and housing complex in Vietnam’s capital jointly with Japanese general contractor Shimizu Corp.
Ho Chi Minh Takashimaya has indefinitely postponed announcing a business plan in the current business year. The company says its statement it will release the plan after it knows more about the novel coronavirus’s impact on its business performance.
Takashimaya, known as an older Japanese retailer, has 18 department stores in Japan and one outlet apiece in Singapore, Shanghai, Ho Chi Minh City and Bangkok.