APiTA, one of the top four Japanese department store giants, will officially enter the Chinese mainland market, following the establishment of its first overseas branch in Hong Kong in 2007.
Recently, UNY Co., Ltd, the parent company of APiTA, signed an official agreement with Guoco Group in Shanghai, stating its entry to Shanghai Guoson Mall which belongs to Guoco Group.
As the first large shopping mall of Guoco Group on the mainland, Guoson Mall covers a site area of 130,000 square meters and is located in Changfeng, Shanghai. According to the government report, Changfeng Ecological Business District, after completion, is expected to be a new trade area with a resident population and working population of 120,000 people. Including the surrounding residents, nearly one million consumers will be the targeted customers for Guoson Mall, the first large shopping center opened in this region.
Because of the weakening consumer market in Japan in recent years, lots of Japanese department stores have stepped up their pace in overseas markets. The strong consumption in mainland China naturally makes it a prime choice for Japanese department store groups. Aside from APiTA, Japanese department store group Takashimaya landed in Gubei Shanghai last year. Meanwhile, the Japanese department store giants such as Mistukoshi Isetan Holdings and Aeon Group have already landed in the mainland market for a long time.