The weakness in consumer spending in Japan has hit department stores harder than any other group of retailers, forcing them to take a hard look at all aspects of their operations. For MATSUZAKAYA CO., LTD., the nation's fifth-largest chain, that review has led to the decision to close the company's Los Angeles store, which has been in business since 1980. The shutdown will occur no later than this October, when Matsuzakaya will liquidate the subsidiary that runs the outlet.
An exchange rate of ¥109=$1.00 was used in this report.aaaaaa