Metro to close Paragon, Causeway Point department stores in retail overhaul

It will introduce smaller, multi-concept stores.

Metro Holdings will close its department stores at Metro Paragon and Metro Causeway Point after their current leases expire as it shifts away from the traditional large-format department store model.

The company said it plans to introduce smaller-format stores, multi-specialty concept stores, curated retail experiences and pop-up initiatives as part of a broader retail repositioning.

Metro said the strategy aims to better align its retail business with changing consumer preferences, shopping habits and market trends, whilst improving customer engagement and operational efficiency.

The company is currently in discussions with its existing landlords and other property owners to roll out the new multi-concept store format.

It is also evaluating potential locations based on factors including location suitability, rental terms, financial viability, implementation timelines and operational considerations.

In addition to the new retail strategy, Metro said it will continue pursuing growth opportunities through Grand Brands Asia, its brand management joint venture focused on international retail brands and immersive concept stores.

The company said the implementation timeline and scope of the new retail formats remain under review and are subject to detailed execution planning.

Metro is also assessing the financial implications of the transition.

Whilst it has yet to determine the full impact on earnings, the board said it does not expect the changes to materially affect the group's consolidated net tangible assets or earnings per share for the financial year ending 31 March 2027.