BANGKOK ¨C Boxed in by a shrinking domestic market and consumer preferences shifting toward online shopping, the only way for Japanese department stores ¡ª as well as the broader retail sector ¡ª to survive is to get a slice of fast growing markets overseas, especially in neighboring countries.
Takashimaya, one of Japan¡¯s major department stores, may be a case in point: Its seven-floor store, opening in Bangkok on Saturday, will potentially serve as an example of how brick-and-mortar shopping locations can survive by joining together with non-retail ventures in fast-growing markets.
But with its new retail development, Takashimaya, along with other well-known fashion brands, will be only a small part of a massive $1.7 billion retail, residential and entertainment development project known as Iconsiam, which will include two residential towers over 50 floors high, a movie theater, a concert auditorium and a variety of retail options.
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