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Daimaru stores to take over Matsuzakaya

17
Mar '07
Department store chain Daimaru Inc will acquire Matsuzakaya Co Ltd for US $1.58 billion to develop the biggest Japanese store chain. Daimaru flourished in 2006, but Matsuzakaya incurred losses constantly during last three years.

In spite of Japan's strong economic growth due to exports, retail sector is perturbed by low domestic consumption. Merger of No 4 and No 8 department stores may bring some relief to the sector.

Daimaru achieved sales revenue of JPY818 billion ($6.99 billion), JPY810 billion ($6.9 billion) and JPY822 billion ($7 billion) in the three fiscals ended February 2006. On the other hand, Matsuzakaya's sales fell from JPY375 billion ($3.2 billion) and JPY345.7 billion ($2.96 billion) to JPY343.9 billion ($2.94 billion), sources informed.

Daimaru's sales are more than double of Matsuzakaya's, but its operating profits are over four times than the latter. Daimaru is much more competent.

More and more shopping malls and supermarkets are coming up in the country whereas consumers are decreasing, posing challenges to department stores.


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