By  on June 25, 2019

LONDON — China’s retail environment has proven challenging for foreign retailers. One day after France’s Carrefour sold 80 percent stake of China’s, Japanese high-end department store operator Takashimaya said it would close its Shanghai store on Aug. 25, and shift its focus to the Southeast Asian market.

Founded in 1831 as textile seller, Takashimaya evolved into one of the biggest department store chains in Japan, with 17 points of sales its home country and one store each in Singapore, Thailand and Vietnam.

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