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Luxury goods sales up at Japanese department stores
March 08, 2013
Major department stores in Japan say sales of luxury goods are picking up on the back of the bullish stock market.
Sales at 4 major department store chains were up in February compared to the same month last year. Sales of J.front retailing Co., which operates Daimaru Matsuzakaya Department Stores Co., increased by 4.6%. Sogo&Seibu, Isetan-Mitskoshi, and Takashimaya were up 1%, 0.8%, and 0.3%, respectively.
Department stores attribute the increases to boosts in sales of jewelry, watches, and other pricy items as well as betters sales of luxury chocolates for St. Valentine's day. Department store officials say consumer sentiment has gradually improved with the recent increases in stock prices and the weaker yen.
