ParknShop closes Shanghai outlet

SHANGHAI: ParknShop, the supermarket arm of Hong Kong-based Hutchison Whampoa Ltd (HWL), has shut down one of its two stores here due to slumping sales, making it the first supermarket retailer to close in the city since the global financial crisis unfolded in September.

The ParknShop on Guohe Road in Yangpu District suffered monthly losses of 2 million yuan this year, according to some media reports.

"We've noticed that the store needs to adjust its operations, and received a withdrawal application one month ago," a ParknShop's food supplier said, adding that most of its suppliers chose to retreat from the outlet "permanently" rather than the option of "seasonally" on the application form.