On the 15th April 2017 M&M’s In Shanghai on the famous Nanjing east road (南京西路) will be closing down for a 1 year “renovation”. This is apparently at the request of the mall which it is a part of named Bailian World Luxury Mall （百联世茂广场).
Across the store prices have been slashed by up to 80%. This weekend ( 22nd April 2017 ) saw shoppers rush around frantically snapping up bargains from blankets to soft toys. It’s like Marks and Spencer all over again.
It didn’t take long for practically everything to sell out, and only those items that were discounted the least, sold the least.
An anonymous Chinese source at the site of frenzy who was caught buying twenty discounted blankets looked confused when asked what he was going to do with all of them. “Why, Sell them on taobao (淘宝) of course”，he replied with a smile. Taobao is the equivalent of the western Ebay. A place where millions of items are sold and bought on a daily basis. Our anonymous friend may stand to make a fair sum from his thrifty shopping.
This is the latest in a trend of western stores being closed in and around China. A trend which will hopefully not be a precedent for future events.
For more pics and information, here are some Chinese sources: