Japan Dept. Stores See Lunar New Year Sales Plunge
Tokyo, Feb. 3 (Jiji Press)--Three of Japan's four major department store operators saw duty-free goods sales fall more than 10 pct during China's Lunar New Year holiday period in late January, preliminary reports showed Monday.
The number of Chinese visitors to Japan slumped due to the coronavirus outbreak, dealing a blow to many corners of the Japanese economy including the retail industry.
On a same-store basis, duty-free goods sales between Jan. 24 and Thursday declined around 15 pct from a year before at Takashimaya Co. <8233> and Sogo & Seibu Co. and about 10 pct at Isetan Mitsukoshi Holdings Ltd. <3099>.
J. Front Retailing Co. <3086> incurred a drop of some 5 pct.
Cosmetic products fared poorly as the number of store visitors fell.
[Copyright The Jiji Press, Ltd.]