The decline in international travel has hit duty free retail hard this year, but sales to domestic travellers in China with nowhere else to go are booming in places like Hainan.
While consolidation continues in China’s department store sector, the pandemic hasn’t dramatically hastened store closures and bankruptcies the way it has in the US. What’s their secret?
Outlets and off-price retailers in China are seeing business boom as luxury brands pump excess inventory into the country at bargain basement prices. But the pandemic clearance strategy is a double-edged sword.