By: Inside Retail
Shopping malls and restaurants in Japan will miss out on a business boom, as Tokyo expects to hold the Olympics without overseas spectators, dealing another blow to industries already on the ropes from the coronavirus.
In the years leading up to the Games, developers have poured billions of dollars into shopping and dining complexes to serve an influx of foreigners, with major investments made in Tokyo’s central Shibuya district, iconic for its scramble crossing.
But the number of foreign visitors has dropped from nearly 32 million in 2019 to almost zero, causing the government to halt a spending survey that showed their consumption that year was worth $44 billion.
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