The encyclopedia · Strategy & Leadership · Strategic decision · 1985–2022
Tokime's ¥1.05B Kanazawa apparel store closed after 37 years as COVID killed foot traffic
A Kanazawa apparel and goods store since 1985 collapsed with ¥1.05B debt as COVID-19 ended foot traffic to local shopping streets.
Tokime Co., Ltd. · 2022-09-14
What happened
Tokime Co., Ltd. was a Kanazawa-based operator of an apparel and general merchandise store, founded in 1985. The company sold clothing, accessories, and general goods through a physical store in the Hirooka district of Kanazawa City, Ishikawa Prefecture, serving local customers for 37 years.
The company relied on foot traffic and local customer relationships. The prolonged impact of the COVID-19 pandemic caused a sustained decline in customer visits and sales. Unable to adapt to the changing retail environment or find a path to recovery, management decided to cease operations.
Tokime filed for bankruptcy proceedings at Kanazawa District Court on September 14, 2022, with ¥1.05 billion in liabilities.
Why it happened
- Revenue declined sharply as COVID-19 kept customers away from local shopping districts — foot traffic never returned to pre-pandemic levels.
- The company had a single physical store with no online or multi-channel sales — when customers stopped coming in, there was no alternative revenue stream.
- At ¥1.05B debt against a single local apparel store, the liabilities were far too large for the business to survive any prolonged downturn.
- Founded in 1985 with a traditional retail model, the company had no ecommerce capability or experience to pivot when the pandemic changed consumer behavior.
The lesson
A local store with one location and no online sales is a single point of failure — when foot traffic stops, the entire revenue stops with it.
Aftermath
Tokime Co., Ltd. was ordered into bankruptcy on September 14, 2022 at Kanazawa District Court with ¥1.05 billion in liabilities. Founded 1985 in Kanazawa City, Ishikawa, the company operated an apparel and general merchandise store. COVID-19 destroyed foot traffic and the company had no online sales channel to compensate.
Sources
spotted an error? The club wants to know.
More like this
The Conran Shop's first Japan store closes after 33 years in Shinjuku
Shin-Yokohama Prince Pepe ran 35 years — its own group sold the ground to a chip company
Daimaru Shimonoseki, western Yamaguchi's last department store, closes August 2027
Somewhere, someone solved the problem this company failed at. 2nd Opinion →
Comments · 0
Sign in to join the comments.