French high-end department store Galeries Lafayette plans to open its second location in China - an outlet in Shanghai - next year. The company has operated in China since 2013, when it opened a store in Beijing.

Shanghai Lujiazui Finance & Trade Zone Development Co Ltd, which is listed on the Shanghai market, announced after the close of trading on Wednesday that it signed a letter of intent with Galeries Lafayette (China) to open a new store in Shanghai's Pudong New Area by the end of 2018.

According to the notice, Shanghai Lujiazui will offer a 23,100-square-meter space for Galeries Lafayette (China), a joint venture founded by Soci??t?? Anonyme des Galeries Lafayette and Hong Kong's I.T. Ltd, and will assist in decoration of the store. A formal contract will be signed between the parties within three months, according to the notice.