SHANGHAI – When Beijinger Jacqueline Li first heard one of her favorite luxury department stores in the city was closing, she was shocked — until she considered how Chinese spending habits have changed in recent years.
The closure of France’s Galeries Lafayette in the Chinese capital on Wednesday takes place against the backdrop of a sluggish post-pandemic economy and shifting consumption practices.
It is the latest sign foreign luxury brands might not retain the pull — and the cashflow — that they counted on in the world’s second-largest economy in the 2010s.
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