Galeries Lafayette Opens New Store in Beijing
The Galeries Lafayette
The Galeries Lafayette Group continued its international expansion with the opening of a department store in Beijing. This new store marked its return to China 15 years after the closing its previous outpost in the country's capital.
At close to 350,000 square feet of retail space and 500 brands on offer, the six-story department store in the Xidan area is the retailer's second-largest worldwide. It's largest being the flagship on Boulevard Haussmann in Paris.
"China has huge potential for a brand like Galeries Lafayette, and we believe our offer and store format are sufficiently well adapted to the Chinese market for us to develop them on a large scale," Philippe Houzé, executive chairman of Galeries Lafayette Group, told WWD.
China's retail scene has been hot lately with Lane Crawford just having opened a 150,000-square-foot flagship in Shanghai, and 10 Corso Como also opened a store there in September.
Galeries Lafayette's Beijing store has been years in the making. Houzé is confident about Galeries Lafayette's prospects in China and feels that they appeal to both luxury consumers as well as the country's emerging middle class and fashion-conscious young people.
"We are not here for six months or two years. We are here for the middle and long term," he said. "I foresee a slow but sure growth of this market, and perhaps even faster-than-average growth for the category of consumer we are targeting."