Lane Crawford opens flagship China store in Shanghai 7 years after closure
Retailer returns seven years after quitting the mainland city, and is taking a long-term view
Brushing aside concerns about the impact of Beijing's anti-corruption drive on luxury sales, Lane Crawford has re-entered the mainland's commercial capital, Shanghai, opening its flagship store on the city's busiest shopping street.
Lane Crawford president Andrew Keith said its customers would buy luxury goods for personal use rather than as gifts. He also emphasised the company's long-term commitment to the mainland market.
Lane Crawford quit Shanghai seven years ago, when it closed its store at Shanghai Times Square.
Keith said the company would not focus on the short-term performance of the new store and would, instead, take a long-term view.
The new store, covering 150,000 square feet, cost 400 million yuan (HK$506 million).
"Global retail leadership is now coming from China, and the China customer is at the forefront of fashion," Keith said. "We set out to create the ultimate luxury fashion and lifestyle destination - the largest selection of luxury brands in an innovative, highly visual space, offering world-class service at a scale never before seen in Shanghai."