All Major Japan Dept. Stores Suffer Sales Falls in Jan.
Tokyo, Feb. 1 (Jiji Press)--All of Japan's four major department store operators incurred year-on-year declines in same-store sales in January, their data showed Friday.
The drops apparently reflected a slowdown in China's economy and a weaker yuan, which dampened consumption by Chinese visitors. Chinese account for a large part of tourists to Japan.
Four-company sales to visitors to Japan declined for the first time in about two years, excluding September last year when a series of natural disasters occurred.
Sales to foreign tourists fell 6.6 pct at Isetan Mitsukoshi Holdings Ltd. <3099> and 15.1 pct at Takashimaya Co. <8233>. At Takashimaya, the Osaka and Shinjuku outlets were particularly weak.
Overall sales including those to tourists slid 4.0 pct at Sogo & Seibu Co., a unit of Seven & i Holdings Co. <3382>, 3.0 pct at Isetan Mitsukoshi, 2.6 pct at Takashimaya and 2.3 pct at J. Front Retailing Co. <3086>, which operates the Daimaru and Matsuzakaya stores.
[Copyright The Jiji Press, Ltd.]