Harrods to Open in Shanghai?
Following its $2.2 billion acquisition by Qatar's royal family in May, luxe landmark London department store Harrods is planning an expansion, starting with a new branch in Shanghai. Harrods, the largest and one of the most luxurious stores in the world, holds royal warrants from the likes of the Queen, the Queen Mother and the Prince of Wales. Its new owners have looked at various new locations and China seems to be winning out. "There are other areas of the world where we could operate profitably," Harrods' CEO Michael Ward tells Vogue UK. "China is the most probable but we would have to do a lot of work first." The number of Chinese visitors to the store is up 125 per cent this year, with an average spend of triple that of a U.S. customer.