Business

Matsuzakaya in Yokohama to close

Kyodo News

J. Front Retailing Co. said Tuesday it will close its Matsuzakaya department store in Naka Ward, Yokohama, on Oct. 26 due to its sluggish performance amid fierce competition with rivals.

The store opened as a drapery firm in 1864. Its department store business has been plagued by operating losses since the year to February 1984.

The store’s main building will be rebuilt into a commercial complex while its west building will be retained for tenants, including an off-site betting office for the Japan Racing Association.

J. Front Retailing, founded in September 2007 as a joint holding company for the Daimaru and Matsuzakaya department store chains, also said its Daimaru Peacock Co. and Matsuzakaya Store Co. supermarket chains will merge Sept. 1.