Beijing Store Trumps Harrods with $2.7bn Sales | Dao Insights

Beijing department store trumps Harrods with sales of $2.7bn in 2020

Beijing’s Shin Kong Place (SKP) department store-cum-mall hit a sales record of 17.7 billion RMB ($2.7 billion) in 2020, becoming the global “store king” according to Beijing Daily. SKP’s sales surpassed that of Harrods for the first time, as well as Tokyo’s Shinjuku Isetan. While COVID-19 limited in-person shopping across the world, China’s effective containment of the virus meant that Beijing SKP still welcomed 15 million customers in 2020 and maintained double-digit growth throughout the year. Its locations across China also recorded record growth and its Xi’an store saw sales increase by 36%.

Xie Dan, deputy general manager of Beijing SKP, stated that China’s stringent attitude towards epidemic prevention and control has fostered a positive business environment for all Chinese companies. Seeking to boost sales among Chinese consumers, a number of global brands launched in Beijing SKP in the second half of 2020. They include French jewellery brand DJULA, Estée Lauder Group’s luxury fragrance brand KILIAN and Editions de Parfums Frederic Malle.

Read more:

Share

Join our newsletter