Seven & i to Begin Work to Pick Buyer of Dept. Store Unit

Economy

Tokyo, Feb. 2 (Jiji Press)--Japanese retail giant Seven & i Holdings Co. <3382>, which aims to concentrate its management resources on convenience store operations, is set to start work soon to select a buyer of its department store unit, Sogo & Seibu Co., it has been learned.

Only some of the Sogo & Seibu stores are now capable of attracting a large number of customers.

Many of potential buyers are believed to be interested in the good locations of such Sogo & Seibu stores. After the envisaged sale of the company, therefore, its outlets may be scaled down or even converted into facilities other than department stores, industry sources said.

On New Year's Day, the company's flagship Seibu Ikebukuro store in Tokyo's Toshima Ward was crowded with shoppers.

Located at Ikebukuro Station, one of the busiest train stations in the Japanese capital, the store has been seeing a relatively small drop in the number of customers despite the prolonged novel coronavirus crisis. But many other Sogo & Seibu stores are struggling amid the pandemic.

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