TOKYO — Once the titans of the Japanese retail scene, department stores are now faced with the challenge of maintaining a strong customer base against stiff competition from online and smaller-scale, specialized retailers. As Japan’s luxury market remains largely stagnant, many of these stores are forced to look for new revenue streams that will set them apart from their competitors, while at the same time helping the companies stay profitable.
Isetan Mitsukoshi Holdings Ltd., the country’s largest department store operator that was formed by a merger between then-competitors Mitsukoshi and Isetan and which operates over 50 stores throughout Asia, is one such retailer that is finding ways to adapt to Japan’s changing retail climate.
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