Hiroshima – Men’s clothing retailer Aoyama Trading Co. will reduce floor space at about 400 stores, in the face of falling demand for business suits reflecting the spreading use of telework amid the coronavirus pandemic, it was learned Wednesday.
Aoyama Trading is set to close about 160 of its 850 stores by the end of March 2022. It will cut floor space at about 400 of the remaining stores by the end of March 2024, while introducing an online inventory management system, informed sources said.
The company plans to use vacant space created through the reduction as a new income source. It is considering inviting convenience stores, fitness gyms and other businesses to use such space as well as opening share offices, according to the sources.
The company will also work to strengthen sales of casual clothes, as well as tailored suits.
For the year through March, Aoyama Trading is bracing for a group net loss of ¥2.92 billion.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
Your news needs your support
Since the early stages of the COVID-19 crisis, The Japan Times has been providing free access to crucial news on the impact of the novel coronavirus as well as practical information about how to cope with the pandemic. Please consider subscribing today so we can continue offering you up-to-date, in-depth news about Japan.