Japan’s Duty-Free Chain Laox to Halve Shops as Covid-19 Cuts Chinese Visits
Xu Wei
DATE:  Jul 29 2020
/ SOURCE:  Yicai
Japan’s Duty-Free Chain Laox to Halve Shops as Covid-19 Cuts Chinese Visits Japan’s Duty-Free Chain Laox to Halve Shops as Covid-19 Cuts Chinese Visits

(Yicai Global) July 29 – Laox, the Japanese unit of China’s retailer Suning Appliance Group, will close 12 of its 24 stores in Japan as Covid-19 concerns thin the ranks of the Chinese visitors who are the mainstay of its sales.

Its shares [TYO:8202] had slid 6.92 percent by late morning to JPY148 (USD1.41).

Six stores in Kyushu and one in Okinawa prefecture are among the 12 stores to shut, and Laox will also withdraw from these two regions entirely, CCTV news reported yesterday, citing a statement by the Tokyo-based company, which will also idle three of its four outlets in Hokkaido, one in the Tokyo region and one of four in the Kansai area.

When its sales will recover is unknown, the company also noted.

Founded in May 1930, Laox sells appliances and is also the country’s most famous duty-free brand. Suning Appliance Group invested in the chain store in August 2009, and took control in 2011 with about 65 percent of equity.

Japan has recorded 5,000 new coronavirus infections thus far this month, Asahi Shimbun reported yesterday.

Editor: Ben Armour

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Keywords:   Japan,Laox, Suning,Retail