Shanghai is poised to see the area of commercial complexes grow at a record pace this year as the city’s consumers have become more sophisticated in their shopping, entertainment and cultural activities.
Forty-one new complexes comprising 900,000 square meters of commercial space are expected to open this year, the Shanghai Municipal Commercial Information Center said in a report commissioned by the Shanghai Statistics Bureau.
SEE ALSO : Japan’s Nitori to open flagship store in Shanghai
Shanghai will then boast a total of 230 commercial complexes by the end of the year 2017.
Over half of the commercial complexes will be located in Pudong New Area, Huangpu, Minhang, and Jing’an districts.
“Commercial complexes are like an alternative meeting room for Shanghai residents as the malls can merge commercial, cultural, and tourist activities,” said Luo Hong, director of the center’s market information and monitoring department.
SEE ALSO : Longchamp opens Shanghai flagship, plans more China stores
Luo Hang also explained how “Development of the new business model also drives the upgrading of commercial districts and help Shanghai grow into an international consumption destination.”
Shanghai’s complexes are set to rack in total sales of 160 billion yuan by the end of the year 2017, up 18 percent year on year, according to the report.
(Source: Shanghai Daily)