Japanese retail giant, Takashimaya, is now expecting to record a loss, shifting away from its earlier projections of profits. The company has chalked up this change to the reporting of extraordinary losses. These unforeseen financial downturns are suggesting a worrisome time for the retailer, especially in a market being impacted heavily by pandemic-related disruptions.

Takashimaya is an esteemed department store in Japan and forms a central part of many communities, particularly in urban areas. For the Japanese, this news might indicate the strain COVID-19 is placing on even strong, established companies. Moreover, it could raise concerns about job security for Takashimaya employees and the overall economic health of the retail sector.

Just as in the US or EU, retail companies in Japan are feeling the pinch of the current health crisis. Store closures and reduced consumer spending have also led to significant losses for retail giants in the West. Hence, the situation for Takashimaya reflects a global trend, with businesses around the world grappling with similar challenges.