Department Store in Nagoya Ends 400-Year History

July 2, 2018

Nagoya- Maruei Department Store Co. in Nagoya, Aichi Prefecture, closed its doors on Saturday, ending its 403-year history that started as a kimono shop in 1615.

The kimono retailer became Maruei in 1943.

The department store in the central Japan city once boasted larger sales floor space than its rival stores in western Japan.

However, Maruei's sales had slumped since the collapse of Japan's bubble economy in the early 1990s.

In 2010, the company came under the wing of Nagoya-based drug maker Kowa Co. for business reconstruction. But it failed to survive competition, particularly with rising online retailers.

Kowa plans to open a new commercial facility as early as 2027 at the same place.

At the closing ceremony, Maruei President Yoshimitsu Hamajima said, "Thank you very much." Jiji Press