BloombergJapanese department store operators saw duty-free sales slump during the key Lunar New Year holiday, one of the first indications of how hard the nation’s retail sector will be hit by the novel coronavirus outbreak in China. Takashimaya Co duty-free sales during the seven days of the holiday plunged almost 15 percent compared with the holiday period last year. Isetan Mitsukoshi Holdings cited concerns over the virus as a reason its duty-free sales slumped 10 percent during the period. Retailers are already dealing with headwinds of a sales tax increase last year, as well as an unseasonably warm winter. Japanese Prime Minister Shinzo Abe yesterday said that the government would keep in close touch with all relevant groups to ensure a virus outbreak does not affect the Tokyo Olympic Games.

Source: Taipei Times February 03, 2020 15:56 UTC