Japanese Department Store Sales Fall in June

Japan’s department store sales fell 3.5 percent in June from a year earlier on a same-store basis, falling for the fourth straight month, reflecting a drop in sales to foreign visitors, an industry body said Wednesday.

Sales at 236 stores run by 81 companies totaled 469.9 billion yen ($4.4 billion) in June, according to the Japan Department Stores Association.

Sales to foreign visitors declined 20.4 percent to around 13 billion yen, falling for the third straight month, as their shopping focus shifted from expensive shoes and bags to cheaper daily-use items such as cosmetics and foods.

While the number of foreign customers rose 14 percent, up for the 41st consecutive month, the amount spent per foreign customer fell by 30.2 percent.

Sales of clothing, accounting for around 30 percent of total department store sales, declined 5.7 percent to 137.7 billion yen.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza