Shanghai remained the biggest attraction and the most preferred choice for newly opened debut stores and leading outlets in China, according to the latest industry study.
A total of 1,073 new store formats and new brand openings were recorded last year, according to the latest ranking by DataQuest, a local commercial real estate consultancy.
Fashionable, trendy local brands and overseas niche brands are rushing to open the first offline stores in Shanghai to expand their brand influence and meet the changing habits of local customers.
With the latest mall and fashion mall openings, retailers are injecting new momentum into the city’s shopping scene as Shanghai embarks on an ambitious mission to become a fashion hub.
Jingan District has taken the lead among inner-city districts such as Huangpu, Xuhui and Changning, as well as the Pudong New Area.
“The opening of several new shopping destinations despite pandemic disruptions over the past year once again demonstrated Shanghai’s ongoing efforts to become a global consumer hub and fashion destination,” it added.
Industry watchers expect mall traffic to recover in the next three to six months as restrictions due to the COVID-19 pandemic gradually ease, while operating pressure would also ease for most offline stores.
Bailian Group unveiled the new Bailian ZX Museum shopping complex at the Nanjing Road Pedestrian Mall in the center of Huangpu District over the weekend.
Targeting cartoon fans and ardent game and animation followers, the complex combines entertainment, hospitality and retail from well-known game and animation retailers, such as BANDAI Spirits’ first overseas TAMASHII NATIONS Store and toy supplier MegaHouse.
It is also partnering with local toy makers to bring subculture fans together to participate and interact with offline events planned in the future.
Shanghai last month announced a blueprint to boost spending in the fashion industry, with industrial output of 520 billion yuan (US$77.22 billion) in 2025, making the city the fashion capital of the world.
Zino Helmlinger, head of retail at CBRE East China, expects around 910,000 square meters of new retail in 2023, which would further diversify and complement Shanghai’s existing commercial facilities.
Shanghai remains the main choice of foreign and domestic brands to launch debut stores and shopping spaces with distinctive characteristics that would help the city become a center of fashion consumption, he pointed out.
Half of the shopping space in the newly renovated Xintiandi Style II shopping center is dedicated to domestic designer brands such as UMA Wang and BANXIAOXUE.
It also hosts the debut stores of home furnishing brands USM and ARKET, which characterize the Nordic home style.
With a cartoon rabbit figure named TutuMokey at the main entrance on Fuxing M Road, the mall is gearing up for the upcoming Chinese Lunar New Year and will launch a series of badge collection activities from physical and virtual channels during the Spring Festival holiday week.
The company said it also plans to forge deeper ties with art, exhibitions and fashion events while strengthening its position as a center of Chinese design power.