The firms were previously said to be among seven bidders to make the first round deadline earlier this month, but are out after their offers failed to meet the company’s expectations according to Reuters.
It cited people close to the matter, and said the loss of the firms was a blow to the competitive tension of Hutchison’s auction.
Blackstone was previously said to be interested in the business but was not among bidders named by people familiar with the matter in an earlier Reuters report.
Hutchison Whampoa, which is controlled by Hong Kong billionaire Li Ka-shing, is thought to have set an asking price of between $3bn and $4bn for the business.
ParknShop operates 345 stores in Hong Kong, mainland China and Macau and earned HK$21.7bn ($2.8bin) in revenue last year according to a recent statement from Hutchison.
About 270 of the stores are located in Hong Kong.
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