Japan’s Takashimaya eyes expansion in Vietnam

According to Nikkei Asia, the luxury retail chain aims to develop additional large shopping centers in the region over the medium and long term.

Yoshio Murata, president at Takashimaya, said the company is optimistic about Vietnam’s economic outlook, particularly the country’s strong GDP growth prospects.

Murata added that profits from Takashimaya’s shopping center in Ho Chi Minh City are expected to rise significantly in the coming years, with additional revenue anticipated from new developments scheduled for 2027.

Takashimaya’s Ho Chi Minh City mall, which opened in 2016, offers visitors a wide range of dining and shopping options and hosts numerous domestic and international luxury brands.

The company is also developing a new shopping mall project in the Tay Ho Tay Urban Area in Hanoi, which is expected to begin operations in the third quarter of 2027.

Murata added that Takashimaya is studying the possibility of opening another shopping center in Southeast Asia around fiscal year 2031, coinciding with the company’s 200th anniversary.

Meanwhile, the company’s department store business in Japan is facing increasing challenges as Chinese tourists, traditionally among the biggest spenders in Japanese department stores, have declined following calls in China for citizens to limit travel to Japan.

In related news, Vietnam’s retail property market continues to show strong demand.

CBRE Vietnam reported average rents in downtown Ho Chi Minh City malls at US$270-285 per square meter per month, up 3-4 percent year on year.

High occupancy rates were recorded at luxury retail centers such as Time Square, Sheraton Saigon, Rex Arcade, and new projects like Saigon Marina IFC, driven by fashion, cosmetics, food and beverage, and premium retail tenants.

JLL Vietnam said international brands still view mall locations as strategic touchpoints to build image and reach high-spending customers despite high rental costs.

Cushman & Wakefield reported average occupancy rates above 93 percent in Ho Chi Minh City malls in 2025.