Hong Kong-based department store operator Lane Crawford announces the opening of two new stores in mainland China, in Shanghai and Chengdu by the end of this year. The company’s goal is to add another two to three stores in Mainland China over the next few years. Lane Crawford currently has a network of three flagship stores in China, two home furnishings stores in Hong Kong as well as two units in Beijing.
Lane Crawford’s new Shanghai and Chengdu stores will bring a significant number of new brands to China for the first time. The company is planning to open a 150,000-square-foot store in Shanghai in August (investment estimated at US$ 64 million), which will be its largest, and an 82,000-square-foot store in Chengdu in December.
The retailer, part of the privately-held Lane Crawford Joyce Group, expects to post double-digit sales growth for its most recent fiscal year, which ended March 31. Last year, the company said it posted “record-breaking” revenue of $700 million, with comp store growth of 23 percent.