Japanese Retailer Mulls over Multifunctional Complex in HCM City
Takashimaya Corp., one of Japan’s largest retailers, is planning to build a multifunctional complex in Ho Chi Minh City’s downtown, said Ryuichi Ogawa, senior managing director of Toshin Development Co., Ltd. under Takashimaya.
The corporation has submitted the plan Ho Chi Minh City Vice Mayor Nguyen Trung Tin at a meeting June 12, he said, adding that Takashimaya leaders wanted to build the complex similar to the Takashimaya shopping centers in Singapore and New York.
The 20-story complex includes eight commercial stories, a five-star hotel and an office building for rent.
The complex will have four basements for car parks, which will be able to accommodate 1,500 vehicles at a time.
Takashimaya initially wanted to locate this complex at the current premises of Tax Plaza in District 1, said Ogawa, adding the group was now eyeing a different location nearby.
So far, some world leading retailers and producers have already gained a firm foothold in the Vietnamese market like Germany’s Metro Cash & Carry, France’s Bourbon and Malaysia’s Parkson.
The annual retail sales grew by average 20 per cent in the recent years, which makes Vietnam a very attractive land for foreign retail businesses. The country is opening its service market in phases, in line with World Trade Organization (WTO) commitments.
Vietnam will completely open its distribution market for foreign partners from January 1, 2009. (Saigon Times Daily, TN Daily)
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