Japan’s department stores: What’s left when the tourism tide goes out?

Japan’s storied department stores are riding a wave of overseas tourists, and although there is no sign yet of a wipeout, the cautious pronouncements of company executives indicate that it’s a wave they can’t ride on indefinitely. For sustained revenue and profitability growth, they know that the fashion segment needs to be kept relevant for domestic middle-class customers, and that diversification into other complementary businesses is an important engine of growth. Their high-net worth c

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