Latest news with #departmentstores
Japan Times
a day ago
- Business
- Japan Times
Department stores' tax-free sales drop as tourists' shopping patterns change
Tax-free sales at department stores nationwide are plunging due in part to a change in the shopping patterns of foreign tourists, prompting retailers to rethink their business strategies. According to the Japan Department Stores Association, sales of tax-free products at department stores in May fell 40% year-on-year, with the decline being for the third month in a row. Broken down by category, general products sales, which includes luxury brands, decreased 45.6% from the same month last year, showing a slowdown in high-end items. The average amount each shopper spent was about ¥79,000 ($546), down by about ¥47,000 from May 2024. The number of shoppers decreased 5.4% in the same period, shifting to negative growth for the first time in 38 months. 'There is a greater diversity of foreign tourists, and their shopping priorities have changed,' said Yoshiharu Nishisaka, the association's executive. A senior official at a major department store pointed out that the stronger yen and price hikes of foreign luxury brands make buying tax-free items less attractive for many tourists, while a separate department store source said consumer sentiment is weaker due to uncertainty in the economy over U.S. President Donald Trump's tariffs, as well as China's economic slowdown. Travelers from Hong Kong have declined due to rumors on social media that there will be a major earthquake in Japan soon. Major department stores are doing their best to cater to foreign customers, but it's unclear if it will lead to more sales. Isetan Mitsukoshi Holdings introduced an app for foreign clients in March, for example, to send information about sales campaigns and coupons. Matsuya's Ginza outlet opened a guest lounge for wealthy foreign customers, while Takashimaya is issuing VIP cards at its Singapore outlet so customers can enjoy priority treatment when going through tax-free procedures at its department stores in Japan. Translated by The Japan Times
Globe and Mail
5 days ago
- Business
- Globe and Mail
Court approves Hudson's Bay name change, sale of three leases to B.C. mall owner
B.C. mall owner Weihong Liu will move forward with plans to open department stores in three former Hudson's Bay locations, after receiving court approval on Monday to take over the leases. The three leases, for which Ms. Liu has agreed to pay $6-million, are located in the Mayfair Shopping Centre in Victoria, Tsawwassen Mills in Tsawwassen, just south of Vancouver, and the Woodgrove Centre in Nanaimo. The entrepreneur, who also goes by the name Ruby, has plans to open a chain of stores called Ruby Liu. But Ms. Liu, the chairwoman of Nanaimo, B.C.-based real estate investment company Central Walk, still faces opposition from landlords for 23 out of 25 leases she is seeking to acquire, in addition to the three approved on Monday. Struggling with mounting losses and $1.1-billion in debt, Hudson's Bay was granted court protection from its creditors on March 7 under the Companies' Creditors Arrangement Act. Canada's oldest retailer subsequently closed all its stores across the country. Ms. Liu submitted bids for a total of 28 leases under a court-supervised sale process. The three leases she will now acquire are located in malls that Central Walk owns. She has also made a $9.4-million deposit on her bids for the other leases, according to court documents. The sale process required deposits of no less than 10 per cent of each bidder's offer price for the leases, suggesting Ms. Liu has offered at least $94-million for those 25 leases. Following Monday's hearing at the Ontario Superior Court of Justice, Ms. Liu accused the other landlords of attempting to stymie the process so that the leases would be returned to their control. 'Since the lease has value itself, therefore everybody should follow CCAA, should follow Canadian law, to register, to participate in the bidding system, the process – and you should pay for the lease, since it has value,' Ms. Liu told reporters, speaking in Mandarin while Central Walk chief executive officer Linda Qin translated. 'You cannot just hope, and sit there, hoping to get the lease back for free.' Discussions with the other landlords are continuing as the company seeks their consent for the other deals, Maria Konyukhova, a lawyer with Stikeman Elliott LLP representing Hudson's Bay, told the hearing. Those deals would require court approval. In the absence of agreement from the landlords, the court could issue a 'forced assignment order,' something that lawyers for a number of landlords said at the hearing they would stringently oppose. Last week, The Globe and Mail reported that landlords were concerned, following meetings with Ms. Liu earlier this month, that she was unable to provide important information about her business plan for the stores. According to two sources with knowledge of the meetings, Ms. Liu did not specify which vendors would supply products to the stores, and where the funding would come from for urgent and costly repairs to the spaces, among other details. David Bish, a lawyer with Torys LLP representing mall owner Cadillac Fairview, confirmed during Monday's hearing that the company has not received sufficient information about Ms. Liu's plans. 'There have been, from Cadillac Fairview's perspective, no productive discussions, no meaningful disclosure,' Mr. Bish said, calling the discussions 'very troubled.' Lawyer D.J. Miller of Thornton Grout Finnigan LLP, representing Oxford properties, said her clients 'completely echo the concerns' expressed by Cadillac Fairview. Following the hearing, Ms. Liu said she believes the landlords will support her if the court decides in her favour. 'Since everybody is mature businessmen, when the right decision comes, they will support it,' Ms. Liu said. The process to sell off the leases for the Bay's stores and distribution centres drew 12 bidders. No bids were received for 62 of the locations, where landlords are taking back control of the spaces. Ms. Liu also has ambitions to expand the store network, with a particular focus on Ontario, Ms. Qin told reporters prior to the hearing. Ms. Liu said she intends to permanently relocate to Toronto and possibly move Central Walk's head office to the city. Ms. Liu has told landlords she wants to sell clothing and jewellery, as well as build dining spaces in the stores and host frequent events to draw in shoppers. 'The retail industry needs a newcomer, needs innovation,' Ms. Liu said. Also on Monday, the court approved a motion by Hudson's Bay Co. to change its name to remove any references to HBC or Hudson's Bay. The name change is a requirement of a $30-million deal to sell its intellectual property to Canadian Tire Corp. Ltd. That deal, which received court approval on June 3, specified the name change should occur within 45 days of the transaction closing – something that should occur on Monday or Tuesday, Ms. Konyukhova said. The company has not disclosed what the new name will be.
Reuters
30-05-2025
- Business
- Reuters
Australia retail sales dip 0.1% in April, miss forecasts
SYDNEY, May 30 (Reuters) - Australian retail sales dipped unexpectedly in April as warm weather hit spending on winter clothing, while department stores suffered from a dearth of discounting events in further evidence of a subdued consumer. Data out from the Australian Bureau of Statistics (ABS) on Friday showed retail sales fell 0.1% in April from March, when they edged up 0.3%. The outcome was well short of market forecasts of a 0.3% increase. Sales of A$37.2 billion were up 3.8% on a year earlier, a slowdown from 4.3% in March and historically sluggish given annual population growth is running around 1.7%.
Irish Times
28-05-2025
- Business
- Irish Times
Retail sales increase as consumers enjoy real wage hike
The volume of retail sales rose by 1.1 per cent in April as consumers spent more in department stores, on books and newspapers, and on furniture. On an annual basis, sales volumes were 3 per cent higher, the latest figures from the Central Statistics Office (CSO) show. However, when volatile car sales are excluded, the volume of retail sales fell by 0.1 per cent in the month and increased by just 1.1 per cent in the year. The domestic Irish economy is expected to grow at 2-3 per cent this year primarily on back of an increase in real wages (with nominal wages outstripping inflation) and an associated increase in consumer spending. The CSO figures showed the largest monthly volume increases in April were recorded in department stores (+6.4 per cent), books, newspapers and stationery (+2 per cent), furniture and lighting (+1.5 per cent), food, beverages and tobacco (+1.3 per cent) and bars (+0.3 per cent). READ MORE The largest monthly volume decreases were recorded in clothing, footwear and textiles (-1.4 per cent), other retail sales (-1.1 per cent), and electrical goods (-1.1 per cent). The CSO said the proportion of retail sales transacted online was 5 per cent in April. However these figures only cover Irish-registered retailers and exclude transactions on Amazon, the biggest online retailer.
Bloomberg
16-05-2025
- Business
- Bloomberg
US Shopper Retreat From Temu, Shein Boosts Macy's, Kohl's, Gap
US department stores and discount chains are benefiting as consumers pull back from Chinese marketplaces Temu and Shein, which have watched their momentum crater since the US closed a tariff loophole that had helped them flourish. Consumer Edge Research examined spending data from shoppers who made at least two purchases from Shein and Temu in the first two months of 2025 and then ordered nothing from the sites in March and April. The New York firm determined that the shoppers shifted an 'outsized' amount of spending to department stores like Macy's Inc. -owned Bloomingdale's and Kohl's Corp., as well as discount apparel shops like Gap Inc. 's Old Navy. Consumer Edge Research mines data from millions of credit- and debit-card transactions.
