Seven & I Holdings Co. plans to close the Seibu Yurakucho department store in central Tokyo by the end of the year due to sluggish sales, sources said Tuesday.
Sogo & Seibu Co., the operator of the department store, is a member of the retail group led by Seven & I Holdings.
Annual sales at department stores across the country hit a 26-year low of ¥6.58 trillion last year, and Seven & I Holdings’ department store business finished ¥2.2 billion in the red for the March-November period.
The Seibu Yurakucho store, which opened in 1984 and boasts 15,700 sq. meters of floor space in the Ginza shopping district, has also suffered falling sales.
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