What: Japanese department store Takashimaya plans to open a USD 12.9 million shopping center in Hanoi by 2026.

Why it is important: This move marks Takashimaya's first expansion into a new overseas location since 2018 and reflects its strategy to increase its presence in the Southeast Asian market. The development could significantly boost the company's operating profits and influence in the region.

Takashimaya, a prominent Japanese department store chain, is set to open a new USD 12.9 million shopping center in Hanoi by 2026. This project, initiated by its subsidiary Toshin Development, represents Takashimaya's first venture in Hanoi and its second in Vietnam, following the successful launch of a store in Ho Chi Minh City in 2016. The new facility will feature 10,000 sqm of retail space and will also include housing, office, and commercial spaces. Takashimaya aims to attract Japanese tenants offering a variety of goods, including food, cosmetics, and children's clothing. This expansion is part of the company's broader strategy to increase its market footprint in Southeast Asia and China, aiming to double its operating profit in Vietnam to USD 28.4 million by early 2027. The announcement follows the opening of Takashimaya's last overseas store in Bangkok at the IconSiam shopping center in 2018.

Department store chain Takashimaya to open in Hanoi