Lane Crawford spent ¥300M on a Chengdu flagship — closed eleven years later

Lane Crawford, the 175-year-old Hong Kong luxury department store, closed its Chengdu International Finance Centre (IFS) flagship on February 28, 2026. The store opened in March 2014 as the company's fourth mainland China location, spanning 82,000 square feet and representing a 300 million renminbi (approximately $42.4 million) investment. The decision was announced months earlier amid online speculation.

The retailer notified customers by email, stating: "This decision is the most responsible choice for our business at this time, and for our future, as we take a long-term view of the market." The company said it remained "firmly committed to the China market" and was exploring new formats like livestream shopping and exclusive celebrity collaborations. After the closure, Lane Crawford had stores in Shanghai, Beijing, and Hong Kong — down from four mainland China locations.

The closure was widely seen as a landmark moment for luxury retail in China. Industry observers noted that Chengdu had become a hotspot for luxury consumption with selective retail models flourishing, making Lane Crawford's exit notable. The retailer had previously closed its Beijing Yintai Center location in 2021 and was reconfiguring its Shanghai flagship. The decision came as foreign and Hong Kong luxury retailers faced intensifying competition from Chinese domestic luxury platforms and direct-to-consumer brand strategies.