Japanese department store operator Takashimaya intends to expand its presence in Vietnam by opening a store in Hanoi, according to Inside Retail, which reports (citing Nikkei) that the company’s subsidiary, Toshin Development, has already started work on a mixed-use complex in the Vietnamese capital. Vietcetera reports that the company plans to invest around ¥2 billion ($12.9 million) in the project, which will be the first Japanese department store chain to establish a physical presence in Hanoi as well as Takashimaya’s first overseas venture in eight years. Slated to open in 2026, the Hanoi store will have 10,000 square meters of sales space and will be part of a mixed-use development that includes apartments, offices and retail space, according to Invest Vietnam.

In HCMC’s District 1, Takashimaya is an anchor tenant at Saigon Centre, a mixed-used development that was jointly developed by Keppel Land, a Singapore–based developer and Toshin Development. The Saigon Centre store opened in 2016, consists of five stories, and “involved individual sub-tenant fit-outs for over 100 brands,” according to Pure Projects. That store posted a two percent increase in revenue to three billion JP¥, during the fiscal year that ended February 2024, according to VietnamPlus.

Takashimaya currently has 22 locations—18 in Japan and four overseas.

Last Updated on May 16, 2024 by Ramin Seddiq