Duty-free sales at Japanese retailer Matsuya Co.’s flagship Ginza stores fell about 15% last month from a year earlier, marking the first sign that Japan’s retail sector is being hit by geopolitical tensions with China.
Although local sales at Ginza stores rose 9.5% in November, it wasn’t enough to prevent overall revenue from slipping 1.2%, the company said in a statement Monday. Sales at its Asakusa outlet dropped 23%.
AloJapan.com