Unable to withstand China's consumption slump, Galeries Lafayette Beijing closes after 13 years

According to CNA, the French luxury department store brand Galeries Lafayette officially closed its Beijing store today after 13 years of operation. The closure is due to the impact of the COVID-19 pandemic and the real estate crisis, which led to a contraction in China's domestic demand. The brand will retain only two stores in China, in Shanghai and Shenzhen. AFP reported that the six-story store, located about 3 kilometers west of the Forbidden City, was clearing out its inventory before the final closure. When it entered the market in 2013, China was experiencing rapid growth in luxury consumption, but the market environment has since changed significantly. The company stated on social media that 'this is not a permanent farewell,' but the large scale of the Beijing store reportedly added to the operational pressure. A local office worker expressed surprise and sadness at the closure of what was once a landmark building.