P.M. BRIEFING : Mall Firm Slates Japan Venture
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TOKYO — The developer of the world’s biggest shopping center, Canada’s West Edmonton Mall, plans to start a consulting venture in Japan following a relaxation of rules on opening large retail stores.
Triple Five Corp. of Canada and Japan’s Commerce System Corp. will set up a 50-50 venture in July called International Malls, a Commerce System spokesman said today.
The consulting firm will offer developers expertise gained in the construction and operation of the West Edmonton Mall. Commerce System sees about 100 suitable locations in Japan for such shopping centers, the spokesman said.
The venture follows the relaxation of rules governing the establishment of large retail stores in Japan at the end of May. The rules, which had blocked the entry of large U.S.-style retailers into Japan, were targeted by Washington as a trade barrier.
Tokyo agreed to relax the rules in trade talks with the United States earlier this year.
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