Japanese retailer Aeon has confirmed it is to delay plans to open seven large shopping centres in the country.
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The announcement followed news that the world’s second biggest economy had seen its greatest fall since the oil crisis of the 1970s. Domestic demand for goods and services has also dropped significantly the last month.
With more than a 100 large scale shops, Aeon is Japan’s largest operator of shopping centres and had been opening about 10 locations every year. However, the company now plans to scale back to two or three sites starting in the next fiscal year.
Aeon said it will focus instead on increased openings of smaller stores. The company aims to boost its fleet of small supermarkets to 50, including shops with floor spaces of some 150 sq. metres.
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By GlobalData
