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The countdown to the June closing of Japanese department store Takashimaya is coming to a head. Not to be scavengers or anything, but usually store closings mean heavy markdowns. Honestly, considering the usually high priced goods there, we have to find some sort of silver lining in this sad situation. Madison Avenue Spy had the same mindset as she paid a visit to the venerated Fifth Avenue institution over the weekend and found surprisingly few and not very significant markdowns. Here's her report:
We found a small rack of bags and clothing marked 30% to 50% off. A large gray tote with gold pockets was $1175 marked down to $799 and a tee shirt was $360, reduced to $129. In the housewares department, the only sale items were Christmas ornaments.
This is also interesting because Takashimaya just reported a 34.4% fall in profits for the year ending in February. Senior management's strategy for reversing the situation for next year includes reducing operating costs and strengthening management. Well, reduce some prices along with that! Rumor has it that management is looking to sell the soon-to-close Fifth Avenue store, too.
· Takashimaya to Shutter [Racked]
· Takashimaya: No Sale [Madison Avenue Spy]
· Takashimaya Profits Fall [WWD, subscription req'd]