By: Inside Retail Asia
Japanese department-store chain Tokyu is to exit Thailand, the third Japanese retailer to withdraw from the country this year.
Tokyu aims to close its last store at Bangkok’s MBK shopping centre next January, ending 35 years of trading in the city. The retailer closed its second, newer store at Paradise Park last year.
The department store has been struggling in the shopping centre competition due to the launch of a series of new developments in Bangkok. However, the tourism depression resulting from Covid-19 proved a fatal blow to the company, forcing it to retreat home.
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