KUALA LUMPUR -- A shopping mall at the foot of Kuala Lumpur's iconic Petronas Twin Towers has recently lost one of its two department store tenants.
Parkson Holdings, a local department store chain, closed the three-story 12,000 sq.-meter store in February after two decades of operation. Like many other traditional retailers, Parkson faced stiff competition from modern malls and e-commerce. The company noted in its financial statement for 2018 that it needed to transform its business as global economic and market uncertainties make its operating environment "challenging."
