Clothing Retailer H&M Takes Place Of Nike Flagship Store In Beijing
Beijing Business Today reported Nike is going to close down its flagship store in the luxury shopping mall APM in Beijing, "with its place being taken by fashion retailer H&M," according to the WANT CHINA TIMES. The Nike store, which opened in '07, measures 1,100 square meters and "is spread across three floors." It "was the first outlet in Asia to be owned by Nike." Sources said that while Nike had intended to renew its contract with APM on expiry, "the mall preferred to lease the space to H&M, a brand which is more popular with local shoppers." Sources said that "malls choose brands according to their profitability and the profit margins of sportswear companies are not high enough" (WANT CHINA TIMES, 4/24).