1997-2012: Wanoba Group Inc. acquisition and rebrand In September 1997, Yaohan declared bankruptcy, citing
the 1997 Asian financial crisis,
stagnation of the Japanese retail market, and company debt of ¥171 billion, or $1.42 billion. In March 1998, Yaohan USA executives branched off to form a new company called Wanoba Group, Inc. and acquired the American locations. They used the assets to form a new subsidiary called Mitsuwa Corporation and rebranded the supermarkets as Mitsuwa Marketplace. Throughout the 2000s, Mitsuwa continued operations. On January 25, 2009, the
Los Angeles location in the
Little Tokyo neighborhood closed due to Korean investors purchasing the property for $35 million. On December 17, 2011, Mitsuwa opened a new location in
Irvine, California, their second supermarket in
Orange County.
2012-present: Kamei acquisition, U.S. expansion, and renovation On December 21, 2012, the , a Japanese trading company, acquired Wanoba Group Inc. for $27.8 million with plans of retaining their management team and keeping business intact. In 2017, Mitsuwa expanded to two U.S. states outside of California. On April 14, 2017, they entered the
Dallas-Fort Worth metroplex with a store in
Plano, Texas, the biggest city in
Collin County. It was chosen for their large Asian population and the recently relocated headquarters of
Toyota Motor North America from Torrance, California. On May 15, 2017, Mitsuwa opened a new location in
Waikīkī, Hawaii, at the
International Market Place. In 2019, Mitsuwa completed a major infrastructure renovation of the Chicago location with improved lighting, wider aisles, new walls, new flooring, and new restaurants to their food court. The company also announced it was relocating their Torrance location from Western Avenue to the
Del Amo Fashion Center, debuting on February 12, 2020, with a modern, sleek look. The former building was demolished in 2023 for a new project. On January 21, 2023, Mitsuwa opened a new supermarket in
Northridge, California, near
California State University, Northridge. It is one of only two stores in California that does not host a food court, the other being in
San Gabriel.{{Cite web|title= IPopular Japanese market Mitsuwa opens doors in Northridge soon ==Products and offerings==