The annual year-end sales competition began on Tuesday with Mitsukoshi Ltd being the first to launch its campaign. Mitsukoshi's main store at Nihonbashi district of Tokyo, held an inaugural ceremony to promote the sales for 'oseibo' (year-end gifts). It also aimed at counteracting the effects of soggy autumn sales resulting from high temperatures just before the fall.
Following the ceremony, employees of Mitsukoshi paid a visit to corporate and individual clients and distributed catalogs to promote oseibo.
Sales of the department stores have been declining for the past 10 years making year-end sales very crucial for determining the annual profit margin. Most of the stores begin their sales campaign much ahead of the season and the sale gradually reaches its peak with the commencement of the season.
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