Japan Dept. Store Firms Post Sales Drops amid Virus Crisis
Tokyo, March 2 (Jiji Press)--All four major Japanese department store operators Monday reported year-on-year declines in same-store sales in February, as customers decreased due to the spread of the new coronavirus.
All other than Sogo & Seibu Co., a unit of Seven & i Holdings Co. <3382>, incurred sales drops of more than 10 pct.
Spending by foreign customers plunged after restrictions on group tours from China were implemented to contain the spread of the virus originating in that country.
In addition, the number of Japanese customers also decreased, as many were wary of catching the virus by visiting crowded places.
J. Front Retailing Co. <3086>, which runs the Daimaru and Matsuzakaya stores, saw the biggest decline of 21.4 pct. The result was worse than the drop it experienced in October last year after the consumption tax hike.
[Copyright The Jiji Press, Ltd.]