business

Yokohama Matsuzakaya to close in October

3 Comments

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

©2022 GPlusMedia Inc.

3 Comments
Login to comment

I lived in Yokohama as a child and attended the Yokohama International School. I remember going to the Matsuzakaya department store many times. It's sad to hear it's closing.

0 ( +0 / -0 )

It is too bad it is closing, but the age of old style department stores is coming to an end, as the steep decline in sales shows. However, I hope someone (the city?) pressures the new owners to keep the building rather than tear it down.

0 ( +0 / -0 )

Pity to hear they are pulling down the building.

0 ( +0 / -0 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites