// Harrods is exiting its cooperation deals with local retailers in three major Asian markets, according to local media reports
// Shops will now close down in Thailand, Singapore and Taiwan and are set to launch clearance sales
British department store Harrods is reportedly set to close its stores in Taiwan, Thailand and Singapore after it has decided not renew its partnerships with local firms.
Taiwan’s Shin Kong Mitsukoshi department stores, which has held an agreement with Harrods since 2006, are among those the retailer will be cutting ties with.
Concessions in the retailer’s nine stores will close once the existing stock has been sold.
- Harrods confirms it will replace House of Fraser with H Beauty store in Metrocentre
- Harrods launches winter sale today following rapid rise of Omicron
- Harrods restaurant staff win 25% pay rise after strike threat
According to local media and in a report by TechiAzi, Harrods is also planning to close shops in Thailand and Singapore this year.
Confirmed by a spokesperson for the department store, it will not be renewing its licensing agreements with local partners, which have come to an end.
The news closely follows Harrods opening two China-based shopping spaces and a tea room concept, a move that comes as it looks to explore and expand in the mainland China market.
In a statement from Harrods to Business of Fashion, the retailer said it was at “an important stage” of its ongoing expansion in Asia.
It added that “the licence contracts for a number of locations have come to a natural end, and therefore these locations are closing”.
Harrods is still reeling from the lack of tourists at its flagship store in London’s Knightsbridge and its airport stores however it’s clearly positioned well for a recovery as pandemic restrictions are removed.
And it’s also forging ahead with expansion plans in its domestic market as its upscale H Beauty chain opens new large-scale stores around Britain.