Another Japanese store eyes Shanghai

Source: Agencies/Shanghai Daily | 00:00 UTC+8 February 25, 2009 |

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JAPANESE department store giant Takashimaya Co announced yesterday that it planned to spend 4 billion yen (US$42.3 million) to launch its first store on Chinese mainland in Shanghai in 2012 as it aims to participate in China's growing retail market while domestic sales in Japan continue to shrink.

The Osaka-based retailer said that the new store will cover a retail space of 40,000 square meters in an eight-floor complex and will provide a wide range of products from food to luxury clothing.

The outlet, being built by local property developer China Enterprise, will be located in an affluent residential area in Gubei area, where a business center is under construction.

The third-largest department store operator in Japan said that it is considering more outlets in China.

Japanese department stores have been banking on overseas markets to sustain growth in the midst of sagging retail sales in their home markets.

The Japanese department store market has shrunk by a fifth over the last decade to roughly US$80 billion in 2008.

Takashimaya, which has stores in New York, Taipei, Paris and Singapore, posted a 10.1-percent sales fall in January, the second straight double-digit drop for the month as Japan struggled with a deepening recession from the fallout of the global financial crisis.

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Another Japanese store eyes Shanghai

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