Tiffany & Co. plans to downsize its flagship 12,000 sq ft store in Shanghai due to falling luxury sales amid China's economic slowdown, vacating half the space.
The economic downturn in China is forcing luxury shoppers to be more price-sensitive, affecting sales for high-end brands that are struggling to maintain growth.
LVMH's watches and jewelry sector reported a 3% revenue drop in the first half of the year, indicating broader challenges within the luxury retail market.
Despite downsizing, Tiffany's first Blue Box Cafe in China will remain open, highlighting the brand's focus on experiences amidst financial cutbacks.
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