Harrods to exit from three Asian markets
British department store Harrods is reportedly set to close its stores in Taiwan, Thailand and Singapore after it has decided not renew its partnerships with local firms.
Taiwan’s Shin Kong Mitsukoshi department stores, which has held an agreement with Harrods since 2006, are among those the retailer will be cutting ties with.
Concessions in the retailer’s nine stores will close once the existing stock has been sold.
Harrods is still reportedly still struggling from the lack of tourists at its flagship store in London’s Knightsbridge and its airport stores. But it’s clearly positioned well for a recovery as pandemic restrictions are removed. And it’s also forging ahead with expansion plans in its domestic market as its upscale H Beauty chain opens new large-scale stores around Britain.
