TOKYO (MNI) – Department store sales fell 5.2% from a year earlier
in September to Y446.3 billion, posting the 31st straight y/y drop, as
record heat waves continued to dampen sales of autumn clothing while
consumer sentiment was hurt by the higher yen and weaker share prices,
the Japan Department Stores Association said on Monday.
Waning effects of fiscal stimulus also made the outlook uncertain,
the industry group said. The government ended its subsidy for buying
fuel efficient vehicles in September, as planned, although tax breaks
for buying low-emission automobiles remain in place.
On the positive side, spending by Chinese and other tourists from
overseas marked the 11th straight y/y gain in September, up +18.7%,
supporting sales of brand name goods among other things.
The pace of y/y decline in overall sales accelerated from -3.2% in
August and -1.4% in July but decelerated from -6.0% in June.
In August, killer heat waves hurt sales of autumn clothing while
boosting demand for sun-protective goods.
The association compiles data from 92 companies running 260
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 6.3% year-on-year in September after
falling 4.9 % in the previous month.
In Tokyo, combined sales at 27 department stores fell 3.8% from a
year before to Y112.7 billion in September after falling 3.4% in the
previous month, also down for the 31st consecutive month.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
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