Retail, Wholesale & Distribution

May 2005

Daiei To Shut 5 Stores As Part Of Restructuring Plan
Troubled retail giant Daiei Inc. decided Monday to close five supermarket stores after unsuccessfully trying to find buyers for them, company sources said. The five -- two in Osaka and one each in Nara, Hyogo and Nagasaki prefectures -- are housed in outdated buildings and have been losing money. Four of them are included in the 53 stores which Daiei, under a restructuring program approved by the government-backed Industrial Revitalization Corp. of Japan, listed as candidate outlets for closure at the end of last year, the sources said. (The Nihon Keizai Shimbun, May 30, 2005)

Young Designers To Hold Fashion Show Promoting Traditional Japan Brand
Designers and textile/clothing makers will tie up to hold a fashion show in autumn, giving young Japanese creators an opportunity to display clothing featuring traditional domestic fabrics. The show will be held as part of the Japan Fashion Week trade fair, scheduled from late October through early November in Tokyo. At a news conference Tuesday, Shoichi Nakagawa, minister of economy, trade and industry, outlined a plan to conduct a meeting of the event's promoters Wednesday. Among those backing the show are Akira Baba, chairman of the Japan Fashion Association and honorary chairman of Onward Kashiyama Co., and Katsuhiko Hirai, an adviser at Toray Industries Inc. Through the event, the companies hope to foster more original domestic brands reinvigorate the Japanese fashion industry, at a time when U.S. and European brands are moving ahead in sales and clothing makers in China and other Asian countries are emerging as rivals. (The Nihon Keizai Shimbun, May 31, 2005)