British beauty retailer Space NK closing China stores
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British multi-brand beauty retailer Space NK has closed its shops in China, just two years after its debut there.
The retailer had opened stores in Chinese metropolitan cities Shanghai, Beijing, Chongqing and Chengdu, with eight stores in total. Following the coronavirus pandemic which saw most of the nation’s shops closed in February, the company this week confirmed reports that all of its stores have subsequently been shuttered and staff laid off.
Space NK has not revealed any immediate plans to list through online retail channels Tmall or JD, despite its investment in multi-channel retailing in other markets.
CEO and former digital director of Space NK, Andy Lightfoot, told BW Confidential: “The simplification allows us to concentrate on our core business and operations while focusing investment on continuing to grow across all key markets, of which China remains one”.
Space NK’s international expansion continues to look towards the US and Canada with an aggressive launch across the UK market.
Questions & Answers
Q.Which Chinese cities did Space NK open stores in before closing them?
Which Chinese cities did Space NK open stores in before closing them?
Space NK opened eight stores across the Chinese metropolitan cities of Shanghai, Beijing, Chongqing, and Chengdu. These stores were all closed just two years after the retailer's debut in the country.
Q.What is the stated reason for Space NK closing its Chinese stores?
What is the stated reason for Space NK closing its Chinese stores?
The closures followed the coronavirus pandemic, which led to most shops in China being shut in February. Space NK confirmed its stores were subsequently shuttered and staff laid off, allowing them to concentrate on core business and other markets.
Q.What are Space NK's plans for online retail in China, given the store closures?
What are Space NK's plans for online retail in China, given the store closures?
Space NK has not revealed any immediate plans to list through online retail channels like Tmall or JD in China. This is despite their investment in multi-channel retailing in other international markets.
Q.Where will Space NK be focusing its international expansion efforts after exiting China?
Where will Space NK be focusing its international expansion efforts after exiting China?
Space NK will continue its international expansion by looking towards the US and Canada. The company also plans an aggressive launch across the UK market, focusing investment on these key areas.
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