The Tokyu department store in Bangkok will shut its doors in January, forced to close by rising competition and the loss of tourism, Nikkei financial news reported on Wednesday.
The Japanese media outlet said the store at the MBK Centre shopping mall will cease business in late January due to competition in the retail business and travel restrictions from the coronavirus pandemic.
The department store in Bangkok has not posted any information on its website or Facebook account about its reported pending closure.
Tokyu closed its other store at Paradise Park, also operated by MBK Plc, in January last year.
Tokyu has operated in Thailand since 1985 and, if confirmed, will be the second Japanese department store to depart Thailand, after Isetan closed its store at CentralWorld, in the capital, in August.
Its departure would leave Siam Takashimaya, at the Iconsiam shopping complex, as the only Japanese retailer in Thailand.