By: Central News Agency
Takashimaya Co., a leading Japanese retailer, has decided to sell its stake in a jointly owned department store in Taipei to its partner as a way of withdrawing from the Taiwan retail market, the department store said Wednesday.
Takashimaya will sell its 50 percent stake in the Dayeh Takashimaya Department Store in the Shilin District to Dayeh Group, which owns the other half.
The stake will be sold at a price of NT$492 million (US$15.04 million), according to local media reports.
In 1994, Takashimaya and Dayeh teamed up to open the department store in Tianmu, an affluent neighborhood in Taipei, where many foreign expatriates live.
The department store once generated annual revenue of NT$5.8 billion but has been encountering stiff competition in the Tianmu area since businesses such as Pacific SOGO and Shin Kong Mitsukoshi department stores entered the market, analysts said. [FULL STORY]