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Even before the pandemic hit, the Japanese retailer's US unit had been operating at a loss for the past three fiscal years.

Beyond Shanghai’s downtown shopping meccas, suburban malls and mixed-use developments on the outskirts of the city present an exciting opportunity for brands like Calvin Klein, Nike and Sephora who have begun to put down roots here.

The retailer is one of a small crop of Japanese brands that have succeeded in winning a worldwide following.

The 315 show can hit a firm's reputation if singled out for bad corporate behaviour. Apple was forced into a rare apology in 2013 after criticism on the show of its China after-sales service.