Japanese retailer dave’s in Seattle loses over $30 million in stock
Posted On July 29, 2021
Seattle’s largest Japanese department store and its owner have been left scrambling after losing over $300 million in sales.
The Seattle Times reported Tuesday that daves department store in Seattle lost about $10 million in merchandise in the past two years, a loss that has affected all the store’s employees.
The loss is so bad, one employee said it affected his work as a manager.
The store’s loss will cost the retailer millions of dollars in sales and tax revenues, and could cause it to lay off its full-time employees, the paper reported.
The retailer’s Japanese operations were set to open in 2018.
The company is expected to be the first Japanese-owned store to open on the West Coast, but some stores in other states have struggled to compete with it, like Costco, the Associated Press reported.
Costco announced this month that it would close the last of its locations in the Seattle area and open new ones in Arizona, Florida, Maryland and Pennsylvania.
The news comes at a time when Costco is trying to get more shoppers to buy from online.
Costco started offering its first-ever loyalty program in 2017, which allows shoppers to earn points toward Costco membership, discounts and other perks.
Costco has also recently announced a new $10 membership offer for women, and is now expanding its membership offerings in the U.S. and Canada.