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Dai-Ei Department Store chain cancels plans for new outlet in GinowanDate Posted: 2002-04-22 Now the only development project for the area is the creation of a large tax-free store complex aimed at tourists. Dai-Ei Department Store chain that has been in trouble for some time announced recently that their February sales nation wide were down 14.2% from a year ago. The statement also said that the group’s net loss for the fiscal year that ended March 31, was ¥332.5 billion despite of an infusion of ¥520 billion from their largest creditor banks. Ginowan City officials admit that the cancellation of Dai-Ei’s plans will inevitably put a crimp on the city’s development plans, but remain optimistic. “We feel very sorry that Dai-Ei had to cancel their project, but the city has to double its efforts to promote tourism and other business in our west-coast area. We are very much looking forward to the duty-free shopping complex in the area,” Ginowan City Mayor Seikou Higa said. |
   
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