STRATEGIC PARTNERS
June 7, 2000
TOKYO -- Convenience store operator Lawson Inc. plans to install ATMs in all of its 7,414 stores throughout Japan, according to the Yomiuri Shimbun. Japan's second-biggest 24-hour store operator will set up a joint venture with banks to manage the service. Bank partners will include Fuji Bank Ltd., Sumitomo Bank Ltd., Sanwa Bank Ltd. and Tokai Bank Ltd., along with trading house Mitsubishi Corp. Japan's biggest convenience shop chain, Seven-Eleven Japan Co. Ltd., said it was also considering installing ATMs at its 8,212 outlets. ATMs in Japan lag far behind other Asian nations and the West for ease of use. Most are only open during normal banking hours. The move by Lawson and Seven-Eleven Japan could mark the beginning of a change in ATM usage. "According to a recent survey conducted by Seven-Eleven, many of our customers want ATM machines so that they can withdraw money any time," said Yasuo Takaha, a spokesman for the chain's owner Ito-Yokado Co. Ltd. Ito-Yokado, a major retailer, is planning to submit an application to the government to set up an online bank which analysts have said could revolutionize Japan's banking industry.
