More 'first stores' boost Pudong's consumption market
The first store of BAPE CAFé in China and that of the jewelry brand GUAVA in Shanghai recently opened at the Qiantan Taikooli mall and the Super Brand Mall, which are located in Shanghai's Pudong New Area.
Since 2018, more than 600 "first stores" have settled in Pudong, among which 52 percent are catering businesses, 16 percent are garment, jewelry, luxury and cosmetics businesses, and 24 percent are brands' first stores in China and Asia.
The Lujiazui business circle has the most densely concentrated number of first stores, accounting for 44 percent of Pudong's total.
Driven by a high concentration of luxury brand first stores such as YSL, McQueen and DIOR, Shanghai International Finance Center reported a 43.7 percent year-on-year growth in annual sales revenue in 2021.
During the same period, each of the three shopping malls in Lujiazui – Yaohan, L+ Mall and Century Link, which are home to about 40 percent of the area's first stores, generated 1.5 billion yuan in annual sales revenue.
Shanghai initiated the "first store" economy concept in 2018 and has since rolled out efforts to bring in a variety of first stores and stimulate people's consumption potential.
The local authorities have lured regional headquarters, operators and dealers of multinational companies in trade, sports, tourism and health industries to set up operations in Pudong, while also striving to host more "first shows and exhibitions" to beef up its status as a consumption magnet and solidify its image as an international consumption center.