What: The Japanese conglomerate is finalizing its closure of overseas operations.

Why it is important: For the Japanese giant, China is no more a priority and the name of the game is to focus on national profitability.

Isetan Mitsukoshi will close its Chengdu Isetan store in December 2022, without plans to relocate the store. This will represent a write-off of USD 3.2m. The store was opened in 2007, followed by a supermarket in 2018. In total, the closed surface will represent 28.000 sqm. It is estimated that sales in the store represented EUR 50m in 2019, and plummeted by 50% in 2021.

The company is retreating from overseas operations, after having closed the Thai subsidiary in 2020 and the Italian one in 2021.

Isetan Mitsukoshi closes Chinese operations