After more than 35 years in the Thailand market, Japanese department store Tokyu is set to permanently close its Bangkok location.
The closure is a result of the loss of tourism in Thailand due to the travel restrictions imposed on the country due to the ongoing Coronavirus pandemic. The Japan Department Stores Association has said in its most recent update that sales in September have plunged by 33.6 per cent to around $3.2bn with this affecting both Japan domestically and other neighbouring Asian countries, with Thailand included.
According to a report by Nikkei financial news, Tokyu Department store will have its last day of trading in January next year. As of yet, the department store is to confirm or deny the closure of its MBK Centre shopping mall. However, if the closure is substantiated, the shuttering will mark the two year anniversary since Tokyu closed its Paradise Park Thailand location.
Tokyu Department Store first entered Thailand in 1985.
