Harrods opening store in Shanghai
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British department store Harrods will open a location in Shanghai.
According to Retail Gazette, the store will be the brand’s first standalone site outside the UK and will target China’s growing middle class.
“If you look at all of the reports, they say, quite categorically that all of the growth in the next five years is going to come from Southeast Asia. And is going to come from millennials,” said Harrods MD Michael Ward. “So we’ve got to go after that. It’s very important that you follow the money. We see continued growth of China, but we see a need to be a more permanent resident in China.”
Harrods has been making investments in China for a decade, and will launch in the Pudong area in response to strong consumer demand. The store will serve private shoppers targeting the high-end market.
Questions & Answers
Q.What kind of store is Harrods opening in Shanghai?
What kind of store is Harrods opening in Shanghai?
Harrods is opening its first standalone store outside the UK in Shanghai. It will serve private shoppers, targeting the high-end market with its offerings.
Q.Why is Harrods choosing Shanghai for its new store?
Why is Harrods choosing Shanghai for its new store?
Harrods aims to follow the money, as all growth in the next five years is expected from Southeast Asia and millennials. They see continued growth in China and a need for a more permanent presence there.
Q.Which area of Shanghai will the new Harrods store be located in?
Which area of Shanghai will the new Harrods store be located in?
The new Harrods store will be launched in the Pudong area of Shanghai. This decision comes in response to strong consumer demand in the region.
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