MBK plc (MBK) announced that its Japanese department store Tokyu will close in January as the prolonged effects of the coronavirus pandemic have affected sales.
Tokyu is a department store business group listed on the Tokyo Stock Exchange with a value worth around 231 billion baht. The retailer started its business in Thailand in 1985.
The closure of its last store at the MBK shopping centre next January will end 35 years of the operations in the city.
Earlier in 2019, Tokyu closed its branch at Paradise Park as it had struggled due to increased competition.
The loss in tourist numbers and economic recession resulting from coronavirus will result in three straight years of losses.
Tokyu’s closure follows the closure of another Japanese Department store, Isetan, which pulled out of Thailand after 28 years in September.
The management of MBK said on Thursday that it would undergo a renovation after the moving out.
The shopping center continues to develop its business to maintain sustainable growth and meet the demands of customers, business partners and shareholders, said MBK.
With Tokyo gone, SiamTakashimaya at IconSiam under Siam Piwat will become the only Japanese department-store chain left in the country.
The share price of MBK traded 11 at baht per share on Thursday’s afternoon break, equal to its prior price, with a transaction value of 3.22 million baht.