COVID-19 shows why retail companies need physical stores in China

With billions of dollars of luxury spend trapped in China, retailers that don’t have physical stores in the mainland have been missing out on the world’s most lucrative market, writes Tom Patttinson Shoppers from China spend over £83 billion on luxury goods a year. Two-thirds of this spending historically took place overseas, mostly in the form of Chinese tourists visiting the shopping meccas of London, New York or Paris. No…