TOKYO (MNI) – Department store sales fell 6.0% from a year earlier
in June to Y492.4 billion, with the recent recovery led by high-end
jewelry and imported goods sales slowing in light of the yen’s sharp
rise and stock market sell-off triggered by the European debt crisis,
the Japanese Department Stores Association said on Friday.
Department store sales posted the 28th straight year-on-year drop
in June and the pace of y/y decline, which had been shrinking, widened
from -2.1% in May.
But the industry group noted that spending by Chinese and other
foreign tourists on brand-name clothing, bags and cosmetics continued
supporting department store sales.
Rainy days drew demand for umbrellas and other seasonal goods while
higher temperatures last month boosted summer clothing sales in northern
provinces, it said.
The association compiles data from 92 companies running 265
department stores that have been open for at least a year prior to the
survey being conducted. The data are adjusted to facilitate comparisons
on a same-store basis.
Including sales at stores that were opened within the past year,
department store revenue fell 7.4% year on-year in June after falling
3.9% in the previous month.
In Tokyo, combined sales at 27 department stores fell 5.5% from a
year before to Y126.1 billion in June after falling 1.8% in the previous
month, also down for the 28th consecutive month.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
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