PURPOSE: To provide a subject compound useful as a raw material compound for a medicine such as an antiallergic agent.

CONSTITUTION: This derivative is expressed by formula I [R1 is a 1-6C alkyl; (n) is an integer of 1-6], e.g. methyl 3-hydroxy-5-(3-pyridylmethoxy)-2-naphthoate. The compound of formula I is obtained in a high yield by reacting a 3,5- dihydroxynaphthoate derivative of formula II (R2 is a 1-6C alkyl) with a pyridine derivative of formula III [(m) is an integer of 1-6] in the presence of a phosphorus compound and an azo compound. It is preferable that the reaction is carried out in an inert solvent and that the reaction is carried out at a temperature of -78 to 200°C, more preferably 0 to 100°C. In addition, a medicine such as an antiallergic agent can be derived from the compound of formula I by subjecting, e.g. the ester group of the compound to hydrolysis reaction and reacting the resultant compound with an amine compound.