Japan duty-free sales surge as weak yen draws tourists
Japan’s duty-free sales rose sharply in May as a weak yen drew tourists, helping major department stores offset a steep decline in Chinese visitors. Takashimaya reported 20% duty-free growth and 12% YoY gains in total domestic same-store sales. H2O Retailing posted a 20% duty-free increase even as Chinese visitor purchases fell around 40%. Isetan Mitsukoshi shares rose 6.8% after reporting 8.6% higher May sales, while Matsuya’s Ginza flagship saw total sales climb 18%, bolstered by favorable foreign exchange effects.
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