As Chuck pointed out, at the top of this page, it's not the word which is important but the sentiment behind it.
When I was teaching, one of my colleagues became very concerned hat nearly all of our pupils referred to the local convenience store (which was run by an Asian family) as 'the *** shop'. He regarded it as extremely racist.
I pointed out to him that, in the local parlance, '*** shop' was simply used as a synonym for 'convenience store' (with no racist intent). Indeed, if you asked our Asian pupils who actually lived there what their family did for a living, they'd happily say "Oh, didn't you know? We run the *** shop up the road"!