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Tiffany to Halve Shanghai Flagship Store Amid Economic Strain September 11, 2024 (0 comments)
New York, NY--Tiffany & Co. plans to reduce its flagship store size in Shanghai. The luxury jeweler, which opened the 12,000-square-foot store in Hong Kong Plaza in late 2019, intends to vacate approximately half the space by the end of the month.
According to a report published in Fortune, the store, notable for hosting Tiffany's first Blue Box Cafe in China, will continue operating the cafe despite the downsizing.
The report noted that The decision comes as luxury brands face declining sales in China, the world's second-largest economy, amid an economic slowdown and a struggling property market.
Chinese consumers are increasingly price-sensitive, opting for bargains in the gray market or abroad, particularly in Japan, where the currency is currently weaker.
Despite the planned reduction, Tiffany has opened two new stores in China this year and aims to launch three more next year, as Bloomberg reported and as highlighted in the Fortune report.
Learn more in this report by Fortune.