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.
