"Deutsche Werkstätten Shanghai." The store was located on Route Dupleix (Anfu Lu) in 1936 and gone by 1939.
Looking for the traces of this firm in Shanghai I came across this image at the UWM website. This is the NW corner of Route Mercier and Rue Ratard (today's Maoming and Julu Roads):
This facade also appears in Ulrike Ottinger's documentary about Shanghai (that I haven't seen). An article about it says: "Deutsche Werkstätten Shanghai" (German Workshops Shanghai) can be read in large letters on a façade in a photograph with the same title, as well as in her film EXIL SHANGHAI (source).