NAGOYA (Kyodo) J. Front Retailing Co., which owns the Daimaru and Matsuzakaya department store chains, said Tuesday it will shut down a Matsuzakaya store in Okazaki, Aichi Prefecture, at the end of January.
The store has been suffering poor sales during the current recession as well as fierce competition from nearby supermarkets, the company said.
It plans to book some ¥1 billion in relevant losses for the first half of the business year that started in March 2009.
The Okazaki store opened in 1971 and posted some ¥5 billion in sales in the fiscal year that ended last February.