Retailers Look To Capitalize On 70-100 Million Visitors To Expo Over Next Six Months
Last week, Jing Daily looked at the grand opening of MixC Hangzhou — that city’s largest and most extravagant shopping mall — and discussed the MixC growth strategy, which hinges on cornering the high-end shopping market in emerging second- and third-tier cities. Having already opened locations in Shenzhen and Hangzhou, MixC’s next shopping malls will be located in fast-growing, but often overlooked, cities like Shenyang, Chengdu and Nanning.
While MixC perhaps represents the future of high-end retail in China, today another story reminded us that top-tier markets remain the key locations for new luxury mall construction. According to Shanghai Daily, in preparation for the Shanghai World Expo — which kicks off next week — two new malls have opened on either side of Shanghai’s Huangpu River. From the article:
In the heart of Pudong’s Lujiazui district, Hong Kong developer Sun Hung Kai Properties’ first landmark development in Shanghai, the Shanghai ifc mall, is scheduled to open today, three days ahead of Expo’s opening.
The six-floor retail complex, which also includes grade-A offices, a five-star hotel and serviced apartments, will join West Nanjing Road, Middle Huaihai Road and the Bund area as the city’s luxury shopping destinations.
With over 90,000 square meters of floor space, Shanghai ifc mall will house the largest collection of international luxury brands in the city. Fifteen percent of them are making their China debut and 40 percent their debut in Shanghai, according to Wong Chik-wing, executive director of SHKP.
Nearly 90 percent of the mall has been leased amid robust market demand, and 25 top-tier brands including Louis Vuitton, Chanel, Hermes, Prada, Gucci, Cartier, Salvatore Ferragamo and Tiffany have secured space on the ground floor.
Meanwhile, on the other side of the Huangpu River, a 300,000-square-meter mixed-used project, half of which is designated for retail and F&B, is also emerging in Dapuqiao in downtown Luwan District.
The SML Central Square, an 8-billion-yuan (US$1.17 billion) development by Ding Rong Real Estate from Taiwan, which includes grade-A offices, will launch retail operations within two months.