Saint-Gobain closes China DIY stores
Global construction supplier and retailer Saint-Gobain has closed its La Maison building material stores in China, according to a report in Agence France Presse.
La Maison's 86,000-sq.-ft. flagship store and six design showrooms in Shanghai stopped operating during the week of March 10, a company spokesman told AFP. He blamed recent measures by the Chinese government to cool the housing boom and the change in construction practices, which are building more “finished” properties outfitted with electrical, plumbing and other “pre-decorations.”
China’s attempts to rein in real estate sales over the past year include raising minimum down payments, banning second and third home purchases in some cities and introducing property taxes in Shanghai and Chongqing.
Many retailers are struggling to find their stride in China, including Home Depot, which closed five of its 12 stores there last year, exiting the Beijing market altogether.