Isetan Mitsukoshi to shut Shanghai outlet in China pull back

Japan's Isetan Mitsukoshi Holdings says it will close its money-losing department store in Shanghai at the end of June.

The move follows previously announced closures of two outlets of the department store in China's Tianjin City. It will be left with one remaining store in Tianjin.

The company says the Shanghai store opened in 1997, but had fallen into the red in recent years.

The store suffered a net loss of about 3.9 million dollars in 2022 amid a surge in online shopping and other factors in China.

Isetan Mitsukoshi said the two stores in Tianjin will end operations in April.