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Isetan Mitsukoshi may open facility in Philippines

JIJI

Department store operator Isetan Mitsukoshi Holdings Ltd. is considering opening a store in the Philippines, sources said Friday.

The company is discussing the development of a department store-style facility with residential housing in a suburb of Manila. The project would be in partnership with Nomura Real Estate Development Co.

It would be the first Japanese department store operator to expand into the Philippines, although other retailers, including convenience store chain Lawson Inc., already operate there.

Isetan Mitsukoshi aims to tap demand from Asia at a time when the domestic market is shrinking. It plans to open outlets at the facility around 2022, the sources said.

Shin Kong Mitsukoshi, an affiliate firm of Isetan Mistsukoshi Holdings, operates 13 department stores in Taiwan. Isetan Mitsukoshi also operates 31 other shops overseas through its group businesses, including in Europe, the United States and China.

Industry competitor Takashimaya Co. launched an outlet in Ho Chi Minh City, Vietnam, in July, following store openings in Singapore and Shanghai. Next year, it plans to open a store in Bangkok.