The encyclopedia · Strategy & Leadership · Strategic decision · 1993–2026
After 33 years in China, Isetan's last department store was renamed in 2026
Isetan, Japan's oldest department store, opened its first China store in 1993. The last one was renamed in April 2026 — zero stores left in mainland China.
Isetan (伊势丹) · Mitsukoshi Isetan Holdings (三越伊势丹控股) · Renheng Group (仁恒集团) · 2026-04
What happened
Isetan, the Japanese department store chain founded in 1886, opened its first China store in Tianjin in December 1993 — becoming the first Japanese department store in the country. At its peak it operated four stores across Tianjin and Shanghai, introducing Japanese retail standards including open-counter cosmetics and curated luxury brands to a generation of Chinese consumers.
By 2024 the contraction was accelerating. The Tianjin Nanjing Road store — Isetan's first China location — closed in April after 30 years of operation. The Tianjin Binhai store followed two weeks later. Shanghai's Meilongzhen Isetan, which had operated for 27 years, closed in June 2024. Only the Tianjin Renheng store, opened in 2021 on the site of a former Lotte Department Store, remained.
On April 1, 2026, Renheng Isetan announced it would be renamed Renheng Landmark Plaza. Isetan's brand came off the building. The official reason was 'brand strategy upgrade' — but the result was clear: after 33 years, Isetan had completely withdrawn from mainland China. The exit was part of a broader 2025–2026 wave of traditional department stores leaving China, including Daimaru, Parkson, and Ito-Yokado.
Why it happened
- Isetan's traditional department store format could not compete with luxury malls (SKP, Taikoo Li) that offered integrated luxury shopping experiences
- E-commerce and livestream retail captured younger consumers that department stores relied on for future growth
- The partnership model — operating through joint ventures with local developers — made each store dependent on lease renewal, and Isetan chose not to invest further
The lesson
A 130-year-old brand name means nothing when the retail format is obsolete. Department stores that could not adapt to luxury malls and e-commerce did not survive China's retail shift.
Aftermath
Isetan retained no presence in mainland China. The Tianjin Renheng store continued operations under its new name Renheng Landmark Plaza, managed independently by Renheng Group. The exit mirrored the broader retreat of Japanese and Asian department store chains from China, including Daimaru (2026), Parkson (2025), and Ito-Yokado (2025–2026). Isetan still operates in Singapore, Thailand, and Malaysia.
Sources
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