Just as retailers in North America are cutting back amid competition from online retailers and a lackluster consumer market, department store operator Seven & i Holdings (TSE: 3382) of Japan plans to close two stores later this year. In China, many luxury and high-end stores are closing too, stung by slipping sales due to the country's slowdown. Louis Vuitton (OTC: LVMUY) shuttered two stores in March - one in Shanghai and one in Shanxi - and the French brand is not the only one who scaled back. In 2015, Gucci (OTC: GUCG) hit the brake by shutting five stores, Burberry (LSE: BRBY) closed two and Prada put up the shutters on four stores. #mergent #industryreports #retailing #asia
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