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Isetan Mitsukoshi plans more department stores in China: report

(Xinhua)
Updated: 2009-08-14 15:19

Japan's department store giant Isetan Mitsukoshi Holdings Ltd is considering opening more stores in China over the next several years to boost its overseas business amid shrinking demand in Japan, Kyodo News reported Friday, quoting sources close to the matter.

The company, which currently operates four Isetan stores and one Mitsukoshi store in China, plans to set up large-scale Isetan stores with sales floors of about 30,000 square meters in such places as Shanghai and Tianjin, the sources said.

By opening additional stores in the fast-growing market, Isetan Mitsukoshi aims to strengthen its earnings by making its Chinese business a pillar of its overseas operations, according to the report.

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The company has judged that the Isetan brand has achieved a certain level of name recognition in such places as Shanghai, the sources said.

The floor space of the new stores will be bigger than existing stores, and they will sell a full lineup of goods ranging from luxury items to food to meet the needs of a wide range of customers, the sources said.

Isetan Mitsukoshi's consolidated sales for fiscal 2008 ended March this year came to 1.43 trillion yen, but overseas sales accounted for less than 10 percent of the total.