Update on 04.09.19: Contrary to what had been reported earlier (see "Chinese stores suffer from online competition"), Takashimaya of Japan has changed its mind on closing its Shanghai store. The store has apparently gained support from the landlord, Changning District, and the city. The store trading on 40 000 m², will become a "high-quality department store", according to management. No further details have been made available on the nature of the support nor on the reasons for the change of heart, even after a loss in the year ended February 2019 of 8.6 million yuan, following several years of losses.

Published on 01.07.19: Takashimaya of Japan has announced it would close its store in Shanghai on 25 August. The announcement came soon after Carrefour sold an 80% stake of its Chinese business to Suning.com. Takashimaya, founded in 1831, operates 17 stores in Japan, and one each in Singapore, Thailand, and Vietnam. It entered China in 2012 in Shanghai's affluent Gubei area, and has made a loss for seven consecutive years. According to commentators, only some areas of Shanghai are appropriate for luxury retail. These include Nanjing Road West, Huaihai Road East and Lujiazui area in Pudong where Galeries Lafayette is now present.