Okinawa Mitsukoshi to close
One of Naha City landmarks, the Okinawa Mitsukoshi Department Store on Kokusai Street, is going to close after a run of 57 years.
Okinawa Mitsukoshi announced, Tuesday, the closing of the department store at the end of September, citing a continuing slump in its business environment, and lack of funds to do much needed renovations to the building that is getting old.
Okinawa Mitsukoshi also said that the closing coincides with the end of its contract period with Mitsukoshi Isetan Co. at the end of September.
The company has promised to inform its staff and tenant merchants of the future arrangements regarding its business and building. According to reports in the local press there are several parties that are interested in buying parts or all of Okinawa Mitsukoshi’s business and the building, with Ryubo Industries, the operator of Ryubo department stores and supermarkets considered as the frontrunner.
In 2004, Okinawa Mitsukoshi received a large loan from Okinawa FamilyMart, but has reportedly had trouble repaying the loan due to sagging sales in the department store business.