Isetan Mitsukoshi forecasts sales for the flagship Isetan Shinjuku store will rise 13.8 percent in FY2023 to JPY372.7 billion.
This will be JPY100 billion more than in FY2019 and a new record – last year the store exceeded JPY300 billion in sales for the first time in 31 years.
At the beginning of 2023, Isetan planned for JPY350 billion in sales for FY2024 so this is a significant upward revision. Sales in 1H2023 increased 15.5 percent which was also the highest ever for the same period.
Strong growth continued thanks to its personalised marketing strategy that helps deepen ties with VIP customers, card members, and app users. The rapid recovery in inbound tourism has also boosted sales significantly – inbound sales for the group rose 40 percent in 1H2023 compared to the same period in 2018.
Over at Mitsukoshi Ginza, sales are expected to rise 33 percent, reaching a record high of JPY102.7 billion.
(Source: Japan Consuming)