Harrods opens private members club

Luxury department store Harrods has announced the opening of a new private members club in Shanghai, where just 250 people will be accepted to initially join.

Dubbed The Residence, the club is the first venture of its kind for Harrods, and occupies the second floor of the HKRI Taikoo Hui Cha House, where it houses Gordon Ramsay’s first Shanghai restaurant, among other exclusive experiences.

The move hopes to leverage the steady demand for luxury among China’s most affluent consumers, offering them a social hub designed for “like-minded individuals” that want to “become part of a community”.

While the retailer has not yet returned to pre-pandemic levels in the region when it comes to financials, Chinese consumers still made up 16 percent of Harrods’ sales last year, making such individuals an imperative part of the business.

At the time of the club’s announcement, managing director of the company, Michael Ward, said that there was also growth potential that remained untapped post-pandemic.

Speaking to Bloomberg, Ward said: “Harrods services the top 1 percent of the world’s wealth. If I was in the mid-market at the moment, I wouldn’t be doing this.

“But we know that the wealth in China will grow. And we will just continue to focus on those relationships with the very top of the top.”