Beijing’s Bid to Attract More Foreign Investment Fails, as Japanese Giants Continue to Exit China

On March 25, the Japanese retail giant Isetan Mitsukoshi announced that it will close its department store in Shanghai, China, by the end of June. The store in question is the Shanghai Meilongzhen Isetan, which was once favored as a high-end department store but has suffered continuous losses in recent years. Opened in 1997, it used to dazzle the entire city with its building’s elegant European design features. Its interior, extending from the ground floor to the seventh floor atrium, was so bright and splendid that it left the people of Shanghai in awe. Meilongzhen Isetan became a charming “shopping paradise.” #chinaobserver All rights reserved.