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Takashimaya decides to stay in Shanghai after foreign retailers' exits

Last-minute U-turn may have involved local governent's taxes as well as rent support

Takashimaya announced it would stay in Shanghai just two days before the planned closing of its money-losing outlet in August, after it had already held clearance sales. (Photo by San Miao Photo)

SHANGHAI/TOKYO -- Japanese department store Takashimaya was on the verge of becoming the latest foreign retailer to withdraw from the Chinese market, following such others as French grocery chain Carrefour, until Shanghai offered incentives to convince it to stay.

Takashimaya announced its U-turn just two days before the planned closing of its money-losing Shanghai outlet last month, after it had held clearance sales and put up notices in three languages.

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