Italian luxury brand, Prada, has announced it will not renew the lease on one of its largest Shanghai storefronts, located in Shanghai’s Plaza 66 mall. The store will close for business next week.

The high-profile location, on major shopping strip Nanjing West Road, is considered one of Shanghai’s premier luxury malls. Just last week, owner Hang Lung Group reported that Plaza 66 saw retail sales rise by 60 percent in 2020, versus a year earlier, with a concurrent 34 percent climb in rental revenue for the same period.

A statement from Prada said the brand was in the process of “developing an innovative new retail presence for Shanghai that will enhance and update its presence in this dynamic city.” The location and opening date of the new store were not disclosed.

For the time being, Prada’s retail network in Shanghai will consist of its four remaining stores at IAPM, IFC, L’Avenue and One ITC.