Harrods in talks to open Shanghai store

Luxury department store, Harrods is currently negotiating the possibility of launching its first branch outside the UK in Shanghai’s Bund area.

However, if the talks resulted in a partnership with Shanghai’s municipal government, it would take around two-and-a-half years to finalize the project.

“China is the most probable [option for a foreign branch], but we would have to do a lot of work first”, Harrods managing director, Michael Ward said.

China Daily reports that Harrods “is already a well-known purveyor of luxury goods among well-to-do Chinese consumers who make frequent overseas shopping trips every year”.

In addition, the number of Chinese travelers who shopped at Harrods in the first half of this year saw a 125-percent increase, compared to last year.

It was previously reported that, after Harrods changed hands from Mohammed al-Fayed to Qatar Holding in May, the new owner was considering a Chinese branch.

Even though international luxury fashion houses, including Louis Vuitton, Gucci, Dior, Tiffany, Hermès and Prada, have set up store in Shanghai in recent months, the move is considered a major break with tradition for the store.