Japanese Department Stores Thrive on Inbound Tourism

Apr 16, 2024 | News On Japan

TOKYO - Japanese department stores have reported a series of strong financial results for the fiscal year, buoyed by increased spending by foreign tourists due to the weakening yen.

Takashimaya announced that its operating profit, a measure of core earnings, reached its highest level in 33 years.

The depreciation of the yen has particularly boosted tax-free sales of luxury brands and other high-priced items.

J. Front Retailing, which operates Daimaru and Matsuzakaya department stores, also reported increased revenue and profits.

Their tax-free sales exceeded those of the pre-pandemic fiscal year 2019 by 12%, setting a new record.

Matsuya achieved its highest sales since 1991 at its flagship Matsuya Ginza store, popular among foreign tourists, marking the best performance in 32 years.

With the yen's weakness significantly impacting performance, all companies are closely monitoring future currency movements.

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