During the bubble economy of the 1980s, the Japanese gained an international reputation as voracious shoppers, hypnotised by brands, fastidious to the nth degree about quality, and oblivious to price. The tightening of purse strings and hesitation to spend resulting from the economic downturn (fukeiki) of the next two decades led to the emergence of a new retail phenomenon in Japan: discounting. This trend was also helped along by external pressure, especially from the United States, for a greater opening up of the retail sector, with icons of American grand-scale retailing, such as Toys R … [Read more...]