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Business deals

Takashimaya cancels plans to withdraw from Shanghai

Japanese retailer expects profit improvement after negotiating lower rent

Takashimaya's outlet in Shanghai. The store has enjoyed popularity among the area's consumers, though it has never turned a profit. 

TOKYO/SHANGHAI -- Japanese department store operator Takashimaya announced on Friday that it would continue to operate its store in Shanghai, the sole outlet it owns in China. The announcement came just two days before it had planned to shut down the facility.

"Due to support from the landlord and Shanghai Changning District, we can expect improvement in profitability of the business," Takashimaya said in a statement, having managed to negotiate a reduction in the rent.

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