Yimin recently announced it would be acquiring Printemps stock for 210 million yuan ($25 million) from the original investor, Meisheng Development Company Ltd.

Printemps, an upmarket department store selling international fashion brands which opened in 1995, is a Huaihai Road landmark.

Carrying around a bag with the Printemps logo is considered a kind of status symbol by many of the city's young people.

"I feel as though I have been shopping in Paris when I go to Printemps," one young woman customer told local reporters a few years ago.

A small replica Eiffel Tower outside the store's front doors also attracts a lot of attention from passers-by.

The Meisheng company invested a total of over 300 million yuan ($36 million) in Printemps, designed to be the city's very best retailer. But three years after opening, Printemps incurred losses through poor sales, and continuing bad performance has prompted the Hong Kong investor to turn it over to Yimin.

Even at weekends, Printemps receives fewer visitors than other stores on Huaihai Road.

"Inappropriate wares has been the main cause of sluggish business," said Zhu Lianqing, director of Shanghai Commerce Research Centre.

Women's clothes, usually a main focus of department stores, are mainly geared towards women in their 20s in Printemps. "But the spending power of these young women is not as strong as that of older ones," Zhu said.

Song Jianwen, general manager of Yimin, said Printemps will stick to selling top-class international brands, concentrating on garments. He believes the losses can be turned into profits by the end of this year.

Customers of the store may have noticed some changes have already been made. Home-produced shoes are now on sale alongside imported ones while goods on the fifth floor are on sale.

Yimin, which has departments stores across town, has no experience in retailing goods at the top end of the market. Its outlets all target middle-income people.

The area of Huaihai Road where it crosses Shaanxi Road, known as the "Huaihai Road golden delta" has three department stores targeting different customer groups.

Printemps' good quality imported goods and environment aim at high-income consumers and Parkson attracts young consumers with its fashionable goods, while the No 2 Novel Department Store offers garments at low prices.

With the takeover of Printemps, many people are asking whether there will still be a place for high-grade, international goods in Shanghai.

"I don't think this market will disappear," Zhu said. "There are quite a number of wealthy people in Shanghai. They like and can afford high-priced imported goods."

It is often said that 20 per cent of the city's people own 80 per cent of its bank savings. "They are the target consumers of the top department stores," Zhu said.

There are about 10 upmarket department stores in Shanghai with around 200,000 square metres of business area.

Some, including the famous Lane Crawford store, are located on the east section of Huaihai Road Middle. Another three top-class stores are under construction on Nanjing Road West, already home to Japanese department store Isetan.

"This sector has great potential," Zhu said.

He believes there will be an increase in consumers at the top end of the market when China enters the World Trade Organization as more foreign staff come to Shanghai.