LONDON – Following months of online speculation, Lane Crawford on Tuesday confirmed that it will close its Chengdu store at the IFS shopping mall after Feb. 28.
“While we can no longer serve you at our Chengdu location, we remain connected. You can continue enjoying the latest membership benefits and privileges through our official website, WeChat official account, Xiaohongshu platform, and our stores in Shanghai, Beijing, and Hong Kong,” the retailer said in an email sent to customers, seen by WWD.
In a statement shared with WWD, the 175-year-old, Hong Kong-originated Lane Crawford said the decision not to renew the lease was made in response to the evolving dynamics of China’s consumer market.
“This decision is the most responsible choice for our business at this time, and for our future, as we take a long-term view of the market,” it added.
The retailer said it is exploring new formats to connect and engage with customers while increasing live-stream shopping and exclusive celebrity product collaborations, which are proving highly successful.
It will also continue to host personal styling sessions, fashion and lifestyle presentations, trunk shows, and pop-ups in select locations in Chengdu, while servicing the region through digital channels.
“We remain firmly committed to the China market and excited by the many opportunities we see as the market regains strength,” Lane Crawford said in the statement.
Lane Crawford opened the Chengdu location in March 2014. Spanning 82,000 square feet, the store at the time represented a 300 million renminbi, or $42.4 million, investment.
The retailer’s owner Peter Woo also controls Chengdu IFS via The Wharf Holdings.
Chengdu has been a hot spot for luxury in the past decade, with the openings of IFS, Taikoo Li, and SKP, bringing a wide array of brands and experiences to the de facto capital of northwestern China.
In addition to mega flagships, selective retail, the very model Lane Crowford pioneered, has been flourishing in the city as well.
Local players such as Hug, SND, ENG, Looknow, and Triple-Major have proven agile in terms of catering to Chengdu customers’ expectations and offering curated and personalized experiences.
Lane Crawford’s mainland China business has been challenging in recent years. In 2021, it closed its Yintai Center location in Beijing.
Its Shanghai flagship at Times Square this year has also been undergoing reconfiguration, with the ground-floor beauty counters cleared out and the fourth-floor space repurposed as an outlet.
