Sales at department stores, electronics chains plunge after Japan’s tax hike

Sales at department stores, electronics shops and auto dealers in Japan sank in the first month after the 1 April consumption tax hike after spiking ahead of the deadline.

Four major department store chains including Takashimaya Co. on Thursday reported plunges of between 7.9 to 15.3 percent in April from the previous year on a same-store basis as sales of jewellery and other luxury items tanked.

Among the major electronics chains, Bic Camera Inc. reported a drop of 10 percent and K’s Holdings Corp. a drop of 20 percent from year-earlier levels.