Tokyu Department Store to tap Chinese market

TOKYO -- Japan's Tokyu Department Store Co on Monday said it will expand its business to the Chinese mainland market by setting up a joint venture company with China's New Beacon, a real-estate developer, to open a new department store in Wuhan, Central China's Hubei province.

It was Tokyu Department Store's first such move to tap into China's mainland market, as part of its efforts to expand operations in Asia.

The joint venture will be established in October with a 25- percent stake owned by Tokyu Department Store and the rest by the Chinese firm headquartered in Wuhan.Tokyu will provide the Chinese partner with retailing know-how and help operate the commercial facility to be opened in Wuhan in the winter of 2014, Kyodo News reported.