store closure Archives - Inside Retail Asia
Cecil McBee to close down all stores
Japanese clothing producer Cecil McBee is shuttering all its physical outlets in its home territory.
India’s Cafe Coffee Day shuts 280 stores
Indian coffee chain Cafe Coffee Day shuttered 280 outlets between April and June due to low profitability and potentially rising costs.
Ito Yokado shutters Beijing store
Japanese general merchandise retailer Ito Yokado is to shut down its Beijing store on April 25. The store has been trading for eight years. The company blames the closure on its unsatisfactory performance triggered by increasing competition with online retailers. According to Kantar Worldpanel’s report, the penetration of e-commerce is now 29 per cent, up from 19 per cent two years ago and thrives in key cities where penetration is as high as 46 per cent. Once the closure completes, …
Walmart further culls China network
US retailer Walmart continues to trim its China network in a challenging trading environment. Walmart says it plans to shut down five more stores in China this month in addition to the stores it shuttered in Chongqing, Jiangsu and Hunan. The retailer’s media director for China, Zhang Xuejing, confirmed the plan. “As part of this store closure plan, we have announced that we will close some nonperforming stores where needed. This is to enable us to continue to grow in China with more qua…
H&M to close Hong Kong flagship
Hong Kong’s skyrocketing rents have driven away Swedish retailer H&M.