BANGKOK, Sept 10 (TNA) – Tang Hua Seng, a beloved department store in Bangkok’s Thonburi district, has closed its doors on Monday after serving the community for many years.
Known for its affordable prices, quality products, and a sense of community, the store had been a fixture in the neighborhood for over 30 years. The closure comes after years of financial challenges and a changing retail landscape.
The final days of Tang Hua Seng were marked by a sense of nostalgia as customers flocked to the store to purchase final items and reminisce about past experiences. Many expressed their appreciation for the store’s personalized service and unique selection of goods, particularly the extensive range of crafting supplies.
One customer mentioned that they understood that these handicrafts were no longer as popular as they once were, with only a small group of people left who come together to discuss their hobbies.
Founded in 1962, Tang Hua Seng began as a family-owned business in Bang Lamphu in Phra Nakhon district. The store later expanded to Thonburi in 1991, undergoing a major renovation in 2011.
Over the years, Tang Hua Seng tried to adapt to global changes by adding online shopping channels, but it was unsuccessful, leading to continuous losses in recent years.
The store stated that negotiations with new investors were ongoing and not yet finalized. If successful, the store would reopen. Despite the closure of its Thonburi branch, Tang Hua Seng still operates a store in Bang Lamphu, which has been open for more than 62 years.
Assoc. Prof. Dr. Thanawat Phonvichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Board for the Center for Economic and Business Forecasting said that the declining purchasing power due to economic conditions accelerated the difficulties for retail stores, although that’s not the whole story. Retailers who can adapt will survive, depending on various factors. Some stores transform into more than just a place to sell goods, becoming more of a community space.
Additionally, Thai retailers face fierce competition from online channels, especially with the influx of Chinese goods that dominate the market. The government must implement measures to protect Thai businesses, including setting import standards and addressing tax issues, he said. -819 (TNA)
