Harrods to open in Shanghai
British department store Harrods will open its first stand-alone site in China by the middle of next year.
The China store, to be put up in Shanghai’s Pudong district, 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.”
Harrods has been making investments in China for a decade, hosting events and opening pop-up stores.
Ward said they see continued growth in China and had seen a need to be a more permanent resident there.