Beijing’s Top Luxury Department Store, SKP, Surpasses Harrods In Sales - SolidRumor.com

Beijing’s Top Luxury Department Store, SKP, Surpasses Harrods In Sales

 Beijing’s Top Luxury Department Store, SKP, Surpasses Harrods In Sales

The exterior of the newly opened SKP South Hall (SKP-S) in Beijing. SKP.

SKP Beijing racked up over 17 billion yuan (around $2.7 billion) in sales last year, according to Beijing Daily, outpacing renowned British department store Harrods’ pre-pandemic performance.

SKP Beijing welcomed 15 million visitors in 2020, while the company’s outpost in Xi’an saw year-on-year growth of 36 percent, according to local media outlet 36Kr. In 2019, SKP Beijing was named the world’s second-most productive department store after Harrods in a report by GlobalData and Sybarite. 

SKP’s China locations were boosted by a rebound in domestic demand last year. Meanwhile, global travel restrictions have hurt Western players like Harrods, which could count on a regular footfall of high-spending tourists to bouy sales before the pandemic. For its financial year ending February 1, 2020, just over a month before the country’s first lockdown, Harrods reported turnover of £870.8 million ($1.1 billion). However, by July, Harrods said it was anticipating a 45 percent drop in annual sales on the back of a 95 percent drop in visitors to its Knightsbridge flagship.

Harrods declined BoF’s request to comment.

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