News - Harrods eying China expansion

The Guardian is reporting that Harrods, this institution of British retailing, is eyeing Shanghai to cash in on China's new wealth. Two months after Mohamed Al Fayed sold the Knightsbridge store to an investment group controlled by the Qatari royal family for £1.5bn, Harrods bosses are working on ways to expand the empire. It quoted Michael Ward, managing director of Harrods, saying "China is the most probable, but we would have to do a lot of work first." The number of Chinese visiting Harrods is up 125% this year – and they like to buy. The average spend of a Chinese shopper is more than triple that of an American visitor to the store.