Shanghai's status as a global fashion, retail hub consolidated with new arrivals
Shanghai remained the biggest attraction and most preferred choice for newly opened debut stores and flagship retail outlets in China, a latest industry study shows.
A total of 1,073 new store formats and new brand openings were recorded in the past year, according to the latest ranking by DataQuest, a local commercial real estate consultancy.
Fashion, trendy local brands and overseas niche brands are rushing to open first-ever offline stores in Shanghai to expand their brand influence and cater to local shoppers' changing habits.
With latest opening of shopping centers and fashion hubs, retailers are injecting new momentum in the city's shopping scene as Shanghai embarks on an ambitious target of becoming a fashion hub.
Jingan District took the leading position among downtown districts like Huangpu, Xuhui and Changning as well as the Pudong New Area.
"The opening of several new shopping destinations despite the pandemic disturbances over the past year has once again demonstrated Shanghai's continuous efforts to become a global consumption hub and fashion destination," it added.
Industry watchers expect shopping centers to see foot traffic rebound in the next three to six months with COVID-19 pandemic restrictions gradually easing while operation pressure would also be relieved for most offline stores.
Bailian Group unveiled a new shopping complex Bailian ZX Museum on the Nanjing Road Pedestrian Mall in downtown Huangpu District over the weekend.
Targeting cartoon fans and fervent followers of gaming and animations, the complex brings together entertainment, catering and retail shopping from famous gaming and animation vendors, such as the first overseas TAMASHII NATIONS Store from BANDAI Spirits, and toy vendor MegaHouse.
It's also teaming up with local toymakers to help bring fans of subculture together to participate and interact with offline events being planned in the future.
Shanghai last month released a blueprint to boost consumption in the fashion industry, with an industry output of 520 billion yuan (US$77.22 billion) in 2025, making the city a global fashion capital.
Zino Helmlinger, head of retail at CBRE Eastern China, expects around 910,000 square meters of new retail property supply in 2023 which would further diversify and complement Shanghai's existing commercial facilities.
Shanghai remains the go-to choice for overseas and home brands to launch debut stores and shopping spaces with distinctive characteristics would help the city to become a fashion consumption hub, he noted.
Half of the shopping space at the newly renovated Xintiandi Style II shopping mall is dedicated to domestic designer brands like UMA Wang, and BANXIAOXUE.
It also hosts debut stores from home decoration brand USM and ARKET which features Nordic homeware style.
With a cartoon rabbit figure called TutuMokey at the main entrance on Fuxing Road M, the mall is prepared for the upcoming Chinese Lunar New Year and will launch a series of badge collecting activities from both physical and virtual channels throughout the weeklong Spring Festival holiday.
The company said it also plans to forge deeper links with art, exhibitions, and fashion events while reinforcing its position as the center for Chinese design power.