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Tag: Mitsukoshi

  • Mitsukoshi to land its first Philippines department store this year

    Mitsukoshi to land its first Philippines department store this year

    Isetan Mitsukoshi Holdings is set to open the first Mitsukoshi department store in the Philippines by the end of this year under a partnership with local property developer Federal Land.

    The four-storey lifestyle store, located in Manila’s business district Bonifacio Global City, will host about 120 merchants.

    Targeting younger, middle-class customers, Mitsukoshi is theming the store the “Next Manila Lifestyle” and will offer a range of products from Japan across cuisine, fashion, and cosmetics categories.

    Customers can purchase food from Japanese-inspired restaurants in basement 1, while cosmetics and beauty salon services are on the ground floor.

    The second floor will offer Japanese dining options and a selection of International food choices, along with Japanese homewares and accessories – and will be home to premium retail brands’ stores. The third floor is dedicated to wellness and enjoyment.

    Statista estimates the value of the Philippines’ retail sales at US$53.6 billion last year and predicts that during the next four years spending will increase to $68.71 billion.

    The Covid-19 pandemic has encouraged many Filipinos to move online to shop. As at May 2020, according to Statista, 41 per cent of respondents claimed they made more online purchases due to the epidemic in the Philippines. However, 63 per cent of respondents to a subsequent study in June of last year said they were likely to visit a mall in the upcoming six months.

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  • Mitsukoshi eyes first quarterly loss in eight years

    Mitsukoshi eyes first quarterly loss in eight years

    Japanese department-store chain Isetan Mitsukoshi is likely to report its first loss over a single financial quarter in eight years, according to Asia Nikkei.

    Losses of ¥5–10 billion (US$46.6–93.2 million) are expected to reflect the impact of the coronavirus pandemic that has seen most Japanese consumers remaining at home during mall operating hours.

    The loss is a steep decline from the firm’s profits of ¥3.7 billion ($34.5 million) recorded during the same period last year.

    Isetan’s department stores were hit with a 7-per-cent drop in sales during January that ballooned to 16 percent in February, and 40 percent in March as Japan’s Covid-19 lockdown intensified.

    Prospects for the retailer remain unclear, as it is yet to be seen if and how rapidly customer behavior will return to normal following the pandemic. In preparation for an uncertain period, the firm has been stocking up on cash and is currently negotiating with banks for further financing.

    Isetan rival Seiyu has reported strong retail activity following the Japanese administration’s stay-at-home request as consumers sought to stock up on food and other daily necessities. The firm has offered a special bonus of up to ¥15,000 ($140) to store workers as it now faces a staffing shortage, and is seeking 3000 new hires.

  • Japanese department stores Takashimaya and Mitsukoshi upgrading

    Japanese department stores Takashimaya and Mitsukoshi upgrading

    Major Japanese department stores Takashimaya and Isetan are opening new developments in Tokyo.

    Both newly-refurbished stores will launch in Tokyo’s Nihonbashi district to attract a wider customer base. The move occurs against a backdrop of declining department store sales in Japan.

    Today’s Takashimaya launch opens a seven-storey annex with one underground level next to its existing store, accommodating a high proportion of F&B tenants as well as clothing and variety stores, amongst others. The development targets nearby company employees in their 30s and 40s and families, many of whom visit the store to eat.

    Takashimaya President Shigeru Kimoto said: “We integrated a department store with specialty stores. It’s the culmination of meeting the needs of today’s customer.”

    The Isetan renovation to its Mitsukoshi main store in Nihonbashi will open in late October. Among its new features will be a new concierge service.

    The store will share data on the tastes and purchasing histories of key customers with concierge staff and other employees, leading them to use suggestion selling techniques so as to meet customer preferences. Customers will be able to designate a specific concierge before visiting the store via smartphone app.

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  • Ginza Six opening with 241 outlets

    Ginza Six opening with 241 outlets

    Ginza Six, one of the largest commercial complexes in Tokyo’s Ginza district, will open tomorrow.

    At Ginza’s 6-chome block, the retail venture was jointly developed at a cost of about ¥86 billion (US$12.4 billion) by companies including J. Front Retailing, which runs the Daimaru and Matsuzakaya department stores, and Mori Building.

    Ginza Six has about 47,000 sqm of sales space – larger than the neighbouring Ginza Mitsukoshi and Matsuya Ginza department stores. With its open ceiling structure, the complex has 241 retail outlets, mainly overseas luxury brands including Christian Dior and Fendi.

    French luxury house Saint Laurent will have its second flagship store for Tokyo across three floors at Ginza Six.

    Ginza Six inside

    Its 17m backlit black marble facade comprises 18 noren panels (traditional fabric dividers) laminated with low-reflective glass. The store will feature pret-a-porter, accessories, shoes, sunglasses and jewellery for women and men.

    Ginza Six’s owners are estimating it will draw 20 million customers and earn ¥60 billion in sales annually.

    It occupies the site that was home for 90 years to Matsuzakaya Ginza, as well as other stores. Rather than buying and selling goods like a department store, Ginza Six runs on the rent from the outlets. “The same business model used in the past can’t be applied forever,” says J. Front Retailing president Ryoichi Yamamoto.

    Other retail developments in the area also mainly house outlets, such as Tokyu Plaza Ginza and Marronnier Gate Ginza, a renovation of Printemps Ginza that opened in March.

    Ginza Six will attract foreign tourists as well as trigger consumption, says Mori Building president Shingo Tsuji. “This is one of the largest redevelopment projects in the history of Ginza. It will be a new symbol of Ginza.”

    Attractions at the development include a noh theatre and a rooftop garden.

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  • Isetan to open Japan Store Kuala Lumpur

    Isetan to open Japan Store Kuala Lumpur

    The Isetan Mitsukoshi Group will open a new specialty store, Isetan The Japan Store Kuala Lumpur in Malaysia at the end of October.

    “As global interest in Japan continues to grow, we are pleased to introduce Japanese history, culture, technology, diversity and lifestyle designs,” the company said, announcing the initiative.

    “The new store will deliver Japanese lifestyles and aesthetics to customers. We will bring not only the best of Japan, but authentic Japanese experiences as well.”

    The venture has the support of the government-financed Cool Japan Fund Inc.

    Comprising 11,000 sqm of floor space, Japan Store Kuala Lumpur will be located in the renovated Lot 10 and have six storeys introducing high-quality products, experiences and services:

    • LGF: New dining style based on authentic Japanese tastes and technologies – groceries, sake, beer & whisky, Japanese and Western sweets and green tea, delicatessen, eat-in dining space, fresh foods, etc.

    Isetan Japan store KL - LGF

    • GF: Fashion, art, technology.

    Isetan Japan store KL - GF

    • 1F: Japan’s fashion culture, a melting pot of unique combinations.

    Isetan Japan store KL - 1F

    • 2F: A collection of products featuring unique Japanese materials and technology to “enhance beautiful, healthy lifestyles”.

    Isetan Japan store KL - 2F

    • 3F: Experience Japanese culture – bookstore, culture academy, photo lounge, etc.

    Isetan Japan store KL - 3F

    • 4F: Restaurant floor featuring authentic Japanese cuisine to open in January 2017.

    Hiroshi Ohnishi, Isetan Mitsukoshi president and CEO said the company will introduce Japan’s exceptional products, experiences and services to the world.

    “In 2011, Japan’s Ministry of Economy, Trade and Industry (METI) launched Cool Japan, a program promoting the introduction of regional products, fashion and other content to the world. In this context, the Isetan Mitsukoshi Group has promoted the Japan Senses campaign, introducing to our customers remarkable traditional crafts from all over Japan, styling them with a newborn originality. Now, to more clearly convey the spirit of Cool Japan, we are ready to show the world the exceptional craftsmanship Japan is proud to offer.”

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