Japan's Seven & i to Close 33 Ito-Yokado Stores in 3 Years

Tokyo, March 9 (Jiji Press)--Japan's Seven & i Holdings Co. <3382> said Thursday that it will close 33 Ito-Yokado supermarket stores over the three years through February 2026 while terminating the supermarket division's struggling clothing business.

Announcing a new business strategy, the retail giant added 14 outlets to the list of Ito-Yokado stores to be closed. The closures will leave the group with 93 Ito-Yokado stores, mainly in the Tokyo metropolitan area.

The number is almost half of the 182 Ito-Yokado stores the group had at the end of February 2016. The group did not say which stores will be closed.

Ito-Yokado is the origin of Seven & i Holdings, which also has major convenience store chain Seven-Eleven Japan Co. under its wing. Ito-Yokado Co. reported a net loss for the second straight year in the year to February 2022.

Seven & i has been urged by a foreign shareholder to focus on its convenience store business by separating from itself the remaining operations. The reform measures were announced in response to the request.

[Copyright The Jiji Press, Ltd.]