Saint-Gobain closes Shanghai retail business

Saint-Gobain has announced that it has closed one of its retail operations in Shanghai.
The move follows on from US consumer electronics retailer Best Buy Co. Inc. closing its self-branded stores in …

Saint-Gobain has announced that it has closed one of its retail operations in Shanghai. The move follows on from US consumer electronics retailer Best Buy Co. Inc. closing its self-branded stores in China in February, and toymaker Mattel Inc.“s closure of its flagship Barbie store in Shanghai. According to Saint-Gobain China external affairs director, Nicolas Nie, Saint-Gobain will close all seven La Maison“ outlets in Shanghai due to slow demand for interior settings from private citizens. “More and more housing and apartments sold already come with interior settings so the total market is shrinking,” Nie said, adding that: “China is a new market and we are at a stage where we are evaluating what“s a good model for the Chinese market.” La Maison makes up for less than 1% of Saint-Gobain“s total sales in China, and the group has other retail and wholesale operations in Shanghai and the rest of China.