Japan Dept. Store Sales Plunge 70-80 Pct on Coronavirus Closures

Economy

Tokyo, May 1 (Jiji Press)--Four major Japanese department store operators Friday posted record sales declines of 70 to 80 pct for April from a year before on a same-store basis, as they shut down across the country amid the coronavirus pandemic.

Sales by Isetan Mitsukoshi Holdings Ltd. <3099> dropped 81.3 pct, and J. Front Retailing Co. <3086>, which runs Daimaru and Matsuzakaya stores, had a 79.1 pct sales fall.

Takashimaya Co.'s <8233> sales fell 74.7 pct and Sogo & Seibu Co., a unit of Seven & i Holdings Co. <3382>, saw its sales drop 71.4 pct.

The operators ended up closing almost all of their stores as the government expanded its state of emergency over the coronavirus crisis to cover the entire country in mid-April.

Their duty-free sales almost disappeared as the number of visitors to Japan fell sharply due to the pandemic.

[Copyright The Jiji Press, Ltd.]

Jiji Press