Parkson, a Lion Group company, in its results announcement to Bursa Malaysia for the third quarter ended March 31, 2019, said revenue grew by only 2% to RM788 million from a year ago following the closure of underperforming stores. This compares to data compiled by Retail Group Malaysia on behalf of Malaysia Retailers Association (MRA) which saw the department store category expand by 2.5% in the July to September 2018 quarter, by 1% in the October to December 2018 quarter and by a marginal 0.8% growth in January-March 2019. The spokesperson also pointed out that despite the very difficult and challenging market conditions in a shrinking disposable income market, Parkson still managed to achieve same store sales growth for the department store category in excess of 5% in the nine months ended March 31, 2019. Understandably, we are always cautious and selective when choosing new store locations however when sales do not meet expectations, we have to cut losses and move on,' the spokesperson told via e-mail.

In Malaysia, shopping malls are mushrooming everywhere and the demographics are ever changing. New store opening and closure is part and parcel of our business. When contacted, a spokesperson from Parkson who confirmed the closure said sales were below expectations.

The store, which shuttered on June 30, was operational for a mere 18 months. KUALA LUMPUR (Aug 6): Department store operator Parkson Corp Sdn Bhd, which shut its 20-year-old store in Suria KLCC earlier this year, has shut another store - the Parkson M Square Mall in Puchong, Selangor.

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