Isetan Mitsukoshi to Close 3 Outlets
Tokyo, Sept. 26 (Jiji Press)--Major department store operator Isetan Mitsukoshi Holdings Ltd. <3099> said Wednesday that it will close three outlets--two Isetan stores in the Tokyo metropolitan area and a Mitsukoshi outlet in central Japan.
The two Isetan stores, in Fuchu in Tokyo and Sagamihara, Kanagawa Prefecture, south of the Japanese capital, will be shut in September 2019, while the Mitsukoshi outlet in the city of Niigata will end its operations in March 2020, the company said.
Isetan Mitsukoshi concluded that the three outlets, which are bleeding red ink in the face of fierce competition with other commercial facilities, are unlikely to return to profitability.
The store in Fuchu may be converted into a shopping center, according to company officials.
The Mitsukoshi outlet in Niigata is a long-established store that succeeded a local department store launched before World War II.
[Copyright The Jiji Press, Ltd.]