Japan retail

In Japan, Seven & I has cut its full-year operating forecast 12 per cent to US$2.7bn after a cooler summer hit consumer spending.

The group said that it has also cut its sales forecast for the 12-month period ending in February to US$56bn, a drop of 2.5 per cent on initial estimates.

According to Reuters, the group's supermarket and department store operations were the main reasons for the revision, with Seven-Eleven convenience store sales also hit by the cooler climate.

Additionally, increased competition has seen consumers defect to cheaper specialty stores as they look to cut back through the economic slowdown.

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