SKP leads China ranking

SKP has led the Chinese department store revenue ranking since 2011 and looks like continuing in its leading position, according to Jing Daily. The company achieved double-digit growth in 2020 in spite of being disrupted by the Covid pandemic. Annual revenue is expected to reach RMB 15.5 billion (EUR 2.3 bn), up 15% on the previous year. Several brands launched their first China stores at SKP, such as UK Self-Portrait, French fragrance brand Killian, and Boucheron launched its Jardin d’Hiver.

SKP results confirm China’s booming luxury market powered by innovative retailers like SKP as well as by the buying power of luxury shoppers and the repatriation of luxury consumption in 2020. SKP launched an innovative experience with SKP-S, the sister building opposite the main Beijing store last December, which offers exclusive products and pop-up stores by major luxury houses. 

While Beijing, and now Xi’an, are dominated by SKP, the Shanghai luxury market looks to Plaza 66 which has also benefited from the repatriation of luxury spending. Its owner Hang Lung Group has reported retail takings up 60% for the year 2020 as the mall’s rental revenue also climbed by 34% against the 2019 levels./nbsp]

According to government data, overall consumer sales in China for 2020 contracted by 3.9% although in the fourth quarter, it rose 4.6% year-on-year.