Tokyu plants footprint in China

Japanese department store chain Tokyu will extend its reach outside Japan through a joint venture with a Chinese real estate developer.

Tokyu has forged a deal with New Beacon to develop a department store in Wuhan City in Hubei province. The department store to be dubbed Wuhan Wu Luo Lu shopping complex will span 67,000 sqm and is due to open in 2014.

Tokyu will hold 25 per cent in the venture while the remaining stake will be held by New Beacon.

Tokyu department store chain is owned by Tokyu Group whose businesses also include transportation, real estate, leisure and cultural endeavors.

GB

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