Isetan to close China store
Japanese department store Isetan Mitsukoshi will shut down its store in Shenyang City in Liaoning province in March, reports say.
The 30,000sqm store has reported an operating loss of 331 million yen in 2011, showing that it failed to keep up with fierce competition in the city. The store was opened in 2008.
Notwithstanding the failure in the city, Isetan says it still sees China as a potential market for growth. It plans to open a new store in Chengdu in 2014.
The department store chain also plans to enter Indonesia by opening in Jakarta by 2015.