Department store Isetan will close one of its two department stores on Singapore’s Orchard Rd after 28 years.
The company says it will convert its Wisma Atria store into leased retail space and provide facilities management for tenants from the second quarter of 2015.
Isetan’s main department store on Orchard Rd, in the nearby Shaw House is unaffected.
The Japanese company, which is listed in Singapore, issued a statement to the stock exchange on Friday saying it will endeavour to lease out all floors of the Wisma space but warned shareholders it may not be able to achieve full tenancy due to market conditions.
Isetan opened its store at Wisma Atria in 1986.
Besides its Shaw House store, it has four suburban department stores in Singapore – at Katong, Serangoon Central, Tampines and Jurong East.
In its statement it said it remained committed to its department store and supermarket business in the city.
Isetan reported a third quarter net loss of S$2.93 million.