Reduced department store hours are a sign of a flagging Japanese economy

You know the economy's shot when Japan's department giants Isetan and Mitsukoshi are closing it's doors to the public once a week. Department stores generally run seven days a week in Japan, but with sales down ten percent in the earlier half of December 2008 as compared to the same period in 2007, the Isetan Mitsukoshi Holding Ltd.decided to run their stores only six days out of the week. They are also going to shorten hours of operation, and kick some of their staff to the curb. They calculated that this drastic move will save them two billion yen a year.This is scary because Japan's a consumer nation. They even have this credit-pay system in department stores where customers can buy pricey items and make payments every month until everything is paid off. This system also applies to luxury brands such as Chanel and the like. According to some estimates, Japanese consumers buy up 40% of the luxury goods sold throughout the world. Who knew the day would come where branded labels worry about gyarus, OLs, and other Japanese fashionistas forgoing their products. Hell seriously has frozen over. (by Emily Co)

Update (via Jean Snow): It isn’t once a week, but rather once a month, and is restricted to regional stores.

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