Luxury London-based department store Harrods is reportedly set to open a new store in China next year, its first store outside the UK.
Called The Residence, the store will be located in Pudong, a district in Shanghai. It will be limited to high-end private shoppers who will also have access to a bar and tea room on site, and events hosted by luxury brands throughout the year.
“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 south-east Asia. And is going to come from millennials,” Ward told the newspaper. “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.”
Drapers has contacted Harrods for comment.