SHANGHAI ¨C When Beijinger Jacqueline Li first heard one of her favorite luxury department stores in the city was closing, she was shocked ¡ª until she considered how Chinese spending habits have changed in recent years.
The closure of France¡¯s Galeries Lafayette in the Chinese capital on Wednesday takes place against the backdrop of a sluggish post-pandemic economy and shifting consumption practices.
It is the latest sign foreign luxury brands might not retain the pull ¡ª and the cashflow ¡ª that they counted on in the world¡¯s second-largest economy in the 2010s.
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