Boxed in by a shrinking domestic market and consumer preferences shifting toward online shopping, the only way for Japanese department stores — as well as the broader retail sector — to survive is to get a slice of fast growing markets overseas, especially in neighboring countries.
Takashimaya, one of Japan's major department stores, may be a case in point: Its seven-floor store, opening in Bangkok on Saturday, will potentially serve as an example of how brick-and-mortar shopping locations can survive by joining together with non-retail ventures in fast-growing markets.
But with its new retail development, Takashimaya, along with other well-known fashion brands, will be only a small part of a massive $1.7 billion retail, residential and entertainment development project known as Iconsiam, which will include two residential towers over 50 floors high, a movie theater, a concert auditorium and a variety of retail options.
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