SKP world’s top luxury department store
What: the Chinese department store outpaced British department store Harrods’ pre-pandemic performance
Why is it important: In 2019, SKP Beijing was named the world’s second-most productive department store after Harrods. Now it racked up over USD 2.7 billion in sales in 2020
SKP stores’ performances in China were boosted by the rebound in domestic demand in 2020, while Western retailers (such as Harrods) suffered the lack of tourists throughout the year. Last July Harrods said it was anticipating a 45% drop in annual sales.