18 March 2020
The Weekly

Parkson said its stores in Malaysia, Indonesia and Vietnam will be significantly impacted because of the challenging retail environment coupled with Covid-19. Parkson had already been undertaking various cost-containment measures in response to the overall downturn in the retail industry and its protracted challenging operating environment, prior to the impact from COVID-19. The measures include the review and closure of non-performing stores, streamlining of excess headcount and the initiation of rent negotiations with landlords where practicable. Parkson is currently operating 42 department stores (out of a total of 61 stores) in Malaysia, and lifestyle concept business stores and counters. It also has food and beverage operations in Malaysia. All these businesses make Malaysia the group's single largest geographical market, Parkson said.