UK luxury department store Harrods will open its first standalone site outside the UK in Shanghai's Pudong district. Harrods managing director Michael Ward said the company has been investing in China for a decade and has responded to customer demands for a more permanent presence. Ward said : "If you look at all of the reports, they say, quite categorically that all of the growth in the next five years is going to come from south-east Asia. And is going to come from millennials". He also said that Harrods is targeting China, the country that provides the single largest group of the retailer's customers (20% of spending in the Knightsbridge store comes from Chinese visitors).

The luxury Japanese villa-style store will be called The Residence and will focus on address to the wealthiest private clients. They will have access to a bar and tea room on site and events hosted by luxury brands throughout the year. The British company is hoping to attract Millennials to this new store which is scheduled to open sometimes in 2020.