Reporting from Beijing — Barbie's giving up the keys to her dream shop in Shanghai.
Two years after opening it to great fanfare, Mattel Inc. has closed the company's sole stand-alone store dedicated to the iconic American doll.
Tucked in a downtown district filled with foreign retailers and luxury brands, the six-story, 36,000-square-foot Barbie store was drenched in pink neon light and featured a cosmetics department, a spa and a bar designed by one of Shanghai's premier restaurateurs. A $10,000 Vera Wang wedding dress was on display when the store opened.
Mattel even unveiled a Chinese character for the store's opening, which was timed for Barbie's 50th anniversary.
The outlet wasn't just about selling dolls to young girls, but pitching a lifestyle to well-heeled women in the fastest-growing economy in the world.