TOKYO -- Japanese department store operator Takashimaya will partner with SBI Securities to sell financial products starting this spring, Nikkei has learned.
Takashimaya will register as a financial instruments service provider and sell SBI products.
The department store operator hopes to tap into its wealthy -- but aging -- customer base while enhancing investor appeal.
Takashimaya is popular with well-to-do shoppers but has been struggling to attract younger, less affluent customers. It plans to offer a select number of financial products from more than 2,700 SBI offerings and provide shoppers with in-store consultations for choosing investments.
Customer accounts will be handled by SBI, with Takashimaya providing intermediary services only.
Forays by department store operators into the financial sector have mainly been limited to credit cards. But in recent years online shopping has eroded sales. The coronavirus pandemic has further hurt revenue, forcing the operators into new areas.
Takashimaya hopes its new service will attract younger shoppers while broadening its revenue stream -- a move that other retailers have already begun. In February 2018, rival Marui Group established Tsumiki Securities to provide wealth-building services.