Japanese supermarket chain Ito Yokado China will close an 11-year-old outlet in Beijing’s Daxing district on July 1.
This halves the number of branches in the Chinese capital for the 96-year-old company, reports Beijing Business Today, following three other outlets being closed last year.
Ito Yokado’s sales in China peaked in 2008, but reports say it has been slow to adjust to changing consumer tastes, especially those of younger shoppers.
Global department giant Wal-Mart reportedly shut its Mingguang Road store in Chuzhou, in Anhui province in east China on May 25. This is despite the group’s China stores achieving 5.1 per cent sales growth overall during the first quarter after 20 years in the market.
French multinational retailer Carrefour is also reported to have closed more than 15 stores on the mainland this year, including branches in Hangzhou and Xi’an.