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Adam Store, a men’s fashion retail chain, has announced the closure of its store at 11 Thanh Niên Street in Hanoi, an outlet described as the first brick in the brand’s development journey. Ngô Quang Long, CEO of Adam Store, said the decision was taken amid worsening business conditions.
On social media, Mr. Long said that after the Covid-19 period, expectations for a rebound were high, but results did not meet those expectations. “For 14 years in fashion, I’ve never seen business this hard,” he wrote.
He pointed to structural changes affecting traditional retail, including a shrinking customer base and shifts in shopping behavior. Consumers, he said, increasingly wait for promotions, which tightens margins for physical stores.
Mr. Long also highlighted challenges in e-commerce. He said that not discounting can reduce orders, while discounting too heavily can damage brand image. He added that platform fees and higher return rates further weigh on performance. “Many times we clinch a sale only to realize after costs and returns that we are only cash-flow neutral, or even at a loss,” he said.
Beyond revenue pressure, operating costs have risen over time. According to the CEO, costs related to personnel, premises, merchandise, and advertising have “quietly risen,” turning total costs into a significant burden on cash flow.
In this context, the company faces a choice between maintaining operations or scaling back. Mr. Long said the situation has become particularly difficult: “Never felt as precarious as this; often we do not dare to stop. Stopping means losing cash flow, losing customers, and losing the chance to return. But persisting feels like swimming upstream—the more we push, the more exhausted we become.”
He said the closure of the Thanh Niên store is both a business and emotional decision, because the location is tied to the brand’s early startup days. The company, he added, will restructure its store network by closing underperforming outlets or those no longer aligned with its development strategy.
During the difficult period, Adam Store’s operational objective is no longer growth, but preserving cash flow and ensuring income for staff. “Opening the store now is often just to keep hope alive,” Mr. Long wrote, emphasizing that employees should still have jobs and stable income.
Ngô Quang Long founded Adam Store Thành in 2012. The men’s fashion brand has expanded from a single store to more than 50 outlets nationwide. It focuses on ready-to-wear suits with modern designs and affordable prices, targeting young male customers who want to dress well at reasonable costs.
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