Japanese department store chain Takashimaya is predicted to suffer a record-breaking loss of 10.5 billion yen. The financial distress comes amid the current challenging retail environment where consumer behaviour is rapidly changing due to COVID-19 and shifts in consumer preferences. While the company has made efforts to adjust its business strategy, it's still struggling to keep pace with these significant changes.

Takashimaya is a well-established and prestigious retail force in Japan, with its financial health often seen as an indicator of both consumer sentiment and the broader economy. The company's large expected loss will, therefore, be an economic concern and source of sadness for many Japanese who remember shopping there during better times.

In the US or EU, the financial struggle of a big-name retailer would be perceived similarly. Many established brands have faced significant challenges in adapting to the fast-paced retail environment shifts caused by technology and COVID-19. The collapse of big-name retailers in these regions is not uncommon—evidenced by the demise of Toys “R” Us and Sears in the US and Debenhams in the UK.