China’s first ever Starbucks, which opened in January 1999 and is located in Beijing’s Guomao area, has now been forced to close as the rent for the space it occupies is reportedly too high.

Reports suggest that French luxury brand Goyard will open up a store in place of the coffee giant. The China office of Starbucks confirmed however that the Guomao branch wasn’t actually closing, but was simply relocating to Guomao’s Phase 3, which is the China World Trade Center. 

As rent prices rise however, fast-food and beverage chains such as Starbucks, KFC and McDonalds are slowly being replaced by high-end firms who presumably can afford to pay the lofty rent prices.

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