Home electronics chain Bic Camera Inc. said Thursday it will set up a joint venture with Japan Airport Terminal Co. to enhance the sale of tax-free products to foreign travelers.
The agreement will combine Bic Camera's distribution networks with the experience of Japan Airport Terminal, which operates duty-free shops at Tokyo's Haneda and other Japanese airports.
The two companies plan to launch home appliance stores offering consumption tax-free shopping to foreign visitors at domestic and overseas airports as well as urban districts in Japan.
The joint venture will be launched around April with ¥100 million to ¥500 million ($817,000 to $4.1 million) in capital, opening its first shop at Haneda airport by summer, they said.
Japan Airport Terminal will hold a 51 percent stake in the new company with Bic Camera obtaining the remainder.
The number of foreign visitors to Japan has been increasing to record levels, helped by a weak yen as well as government steps including easing visa rules and expanding the range of consumption tax-free shopping.