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Tokyu announce closure in Thailand; latest Japanese store to end operations in Thailand after 35 years


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Tokyu announce closure in Thailand; latest Japanese store to end operations in Thailand after 35 years

 

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Closing after 35 years

Picture: Daily News

 

Japanese media Nikkei reported that the Tokyu department store is closing in Thailand and ending all investments in the country by the end of January 2021.

 

The store had a 35 year history in Thailand at Ratchadapisek in Bangkok then at a failed enterprise in Pareadise Park, Sri Nakharin that went bust in 2019. They are currently operating out of MBK Center in Pathumwan in one of the capital's hitherto busiest areas.

 

The company has blamed high competition in department stores and the retail sector in general and a severe downturn in customers due to the pandemic. 

 

Isetan has already shut operations in Thailand. 

 

Daily News reported that the only Japanese department stores left are Donki in Thong Lo and Siam Takashimaya in Icon Siam. 

 

Source: Daily News

 

 

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-- © Copyright Thai Visa News 2020-10-29
 
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Hi.

Part of the reason why they are closing is due to Covid. Isetan announced they will not be renewing their lease at Central World too. But, Japanese investments in Thailand are way down, and many compa

How long before we will see a Chinese department store open up?

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In Australia, Noni B, Millers, Rockmans and Katies has said it will close a further 250 stores within the next six months.

Announcing the closure at its annual general meeting today, retail conglomerate Mosaic Brands said "unrealistic rental requests" and a move to online shopping had pushed customers away from bricks-and-mortar stores.

Mosaic Brands Limited owns and operates almost 1,400 stores nationally, and includes other brands such as Autograph, Rivers, W.Lane, Crossroads and Beme. 

https://www.9news.com.au/national/noni-b-millers-rockmans-katies-owner-flags-250-more-store-closures-due-to-rent/d9c26378-0833-4139-aac3-2ad88c9a3674

 

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Nothing particularly unique here, department stores are increasingly an anachronism in modern retail worldwide. A cursory glance, even in a first-tier Chinese city, would confirm that the model has had its day. I would not expect any of the major Chinese operators to try it in Thailand, they are already bleeding cash in their domestic enterprises. The trend now is far more towards shopping malls with individual and chain shops.

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