Galeries Lafayette will open a flagship in Shanghai later this year.
The company is working in partnership with I.T Limited. They have signed a lease for the store in the Shanghai Pudong Mall. The four-floor store will total 82,020 square feet. The mall is located in a growing neighborhood in the city that combines business headquarters and residential areas.
Galeries Lafayette recently disclosed the creation of an international development division led by Philippe Pedone, formerly the company’s chief financial officer and an executive management committee member. The flagship in Shanghai represents an acceleration of the company’s rollout of stores in China. In November, the retailer said it planned to make a bigger international push in China and the Middle East, and unveiled plans to open flagships in Istanbul and Kuwait City in 2019.
Nicolas Houzé, chief executive officer of Galeries Lafayette and BHV Marais, said, “China is one of the priority countries for our international development and we are very pleased to strengthen our presence in this country with the opening of a new showcase for our know-how in Shanghai. Building on the success of our first flagship store in Beijing, we believe more than ever in the potential of our brand to serve our Chinese customers.”
Houzé said the company’s goal over the coming years is to “open a dozen physical stores by 2025 in the six largest cities of the country, and to accelerate our influence on Chinese digital platforms.”
The French firm said its new department store would offer consumers a unique shopping experience that combines innovative architecture and store design. The store will be built by HMKM.
As for merchandising, the retailer said the store will offer a selection of the “best local, French and international brands, as well as multi-brand spaces ranging from affordable to luxury.” The targeted consumers are younger in age, with high purchasing power and specific interest in the latest fashion trends.