Wealthy Chinese has quickly pushed out the Americans as the top spenders at London’s Harrods department store.
Harrods has seen an increase in shoppers from China and the Middle East but China is “by far No. 1,” according to Managing Director Michael Ward.
The landmark store is not concerned about the slowdown in the luxury market. “We see continued growth in the luxury market. We feel reasonably comfortable in where we are,” Ward tells Bloomberg. He noted that growth is coming from tourist spending.
Popular for its food selection and teas, but its best-performing department is jewelry. “The store sells more 219,200-pound Van Cleef & Arpels Cyllene pearl necklaces,” said Ward.
Harrods is also going upmarket in the fashion category by giving more space to coveted international brands such as Celine and Saint Laurent.
photo credit: geof wilson