Isetan Mitsukoshi to shutter Shenyang store
Department store operator Isetan Mitsukoshi Holdings Ltd. said Thursday it will close its outlet in Shenyang in China's Liaoning Province at the end of March.As the store has remained in the red since opening in February 2008, the company decided to close the store ahead of a lease contract renewal this spring, sources said.
The Shenyang store has a total floor space of 30,000 square meters and sells clothes, food and other products. In fiscal 2011, it posted an operating loss of 331 million yen on sales of 2.6 billion yen.
The store temporarily suspended operations due to anti-Japanese demonstrations in China in September amid bilateral tensions over the Senkaku Islands.
Isetan Mitsukoshi regards China as a growth market and there will be no change to that policy, an official said. The company will open its second outlet in Chengdu in late 2014 as planned.(Feb. 1, 2013)
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