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Takashimaya chases new identity as developer, starting in Vietnam

Department store operator shifts focus to real estate in coronavirus era

A rendering of a new commercial complex in Hanoi: Takashimaya is taking part in several large-scale projects in Vietnam as the company pushes into the real estate sector.

TOKYO -- With its mainstay department store business foundering amid the coronavirus pandemic, Japan's Takashimaya has turned to property development overseas as the company's next engine for growth.

About 6 km from central Hanoi, development of a new urban hub called Starlake is underway. Takashimaya is investing 1.3 billion yen ($12.5 million) into the construction and operation of a K-12 school there in cooperation with Edufit International Education, a Vietnamese school operator.

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