Major Japanese department store group J Front Retailing Co said Tuesday that it will close its Yokohama Matsuzakaya outlet in Yokohama on Oct 26. J Front Retailing made the decision as the store has been performing poorly due to increasing competition with other department store chains and specialized retailers.
The 119 employees at Yokohama Matsuzakaya will be transferred to other group companies, J Front Retailing officials said. The 85-year-old store building will be pulled down and a commercial complex will be built at the site.
Yokohama Matsuzakaya, established in 1864 as a kimono shop, saw its sales hit a record high of 30 billion yen in the year to February 1992. But its sales tumbled to 8.7 billion yen in the year that ended in February this year.© JCN