皇冠体育app

is to close its first store in 皇冠体育app in Shanghai's Changning district on Sept 21, after 15 years of operation, when the "lease expires", the retailer said in an announcement.

The store has posted excellent profits in the past years but to close it is part of the company's strategic shift, reported 皇冠体育app Business News on Tuesday, citing sources at Tesco 皇冠体育app.

Analysts said retailers are facing increasing operation pressures alongside fast-rising rents.

Tesco closed four stores in 皇冠体育app in 2012. In early 2013, a store on Shanghai's Zhenning road was also closed.

In August, Tesco and 皇冠体育app Resources, the largest retailer in 皇冠体育app's mainland, signed a memorandum of understanding to merge their hypermarket business on the mainland.

皇冠体育app Resources will hold 80 percent of shares while Tesco will hold 20 percent, reported CBN.