Victoria’s Secret has closed its largest flagship store in China, located at Shanghai’s Lippo Plaza, as part of a strategic retail adjustment. The closure follows the shuttering of multiple locations in Beijing and Shanghai, including a former global flagship at WF Central. The brand is pivoting away from large-format stores in prime first-tier cities toward lighter retail formats, lower-tier city expansion, and a greater emphasis on e-commerce — including live-streaming sales and local designer collaborations.

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