JR EAST RAILWAY TO BUY SUPERMARKET CHAIN
January 1st, 2010
BY GAVIN BLAIR
JR EAST Railway Co, formerly a division of Japan National Railways, is buying Kiknokuniya's 17-store chain of high-end Tokyo-area food supermarkets. The deal will see JR East open new stores to further boost retail operations in its lucrative station malls, which already clock up a trillion yen (US$11.2 billion) in annual sales. However, JR East saw net income fall 22.5% in the six months to September 2009 to 94.5 billion yen (US$1.06 billion), versus 2008. Kinokuniya is privately held and a JR East spokesperson refused to comment on the ...
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