Mitsukoshi Isetan to shut Shanghai department store in June

Economy

Major Japanese department store operator Isetan Mitsukoshi Holdings Ltd. said Monday its outlet in Shanghai will close in late June due to the expiration of the store's lease. The move follows the planned closure of two other Isetan department stores in April in Tianjin, a port city southeast of Beijing. A number of department stores have shut down in China amid an economic slowdown and the expansion of online shopping. The Shanghai Meilongzhen Isetan outlet, which opened in 1997, gained popularity for its luxury goods but fell into the red in recent years. The closure of the three outlets wil...

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