LVMH’s jewelry brand Tiffany plans to halve the size of its 1,115 sqm flagship store in Shanghai’s Hong Kong Plaza, reflecting the ongoing challenges in China’s luxury market. The two-floor store, opened with fanfare in late 2019, will vacate about half its space later this month. This move comes as luxury brands face significant sales declines in China due to economic slowdown and changing consumer behavior. The downsizing highlights the increasingly price-sensitive Chinese market, with shoppers turning to gray markets and overseas bargains, particularly in Japan where the currency is weak.