Taubman Asia, the Asian arm of the US Mall operator Taubman Centres, yesterday reconfirmed a joint venture between Taubman and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China’s largest department store chains. The joint venture will own and manage a shopping centre in the Chinese city of Zhengzhou.
Currently under construction, the approximately1,460,000 square feet or 135,000 square meter (GFA) shopping mall is scheduled to open by the second quarter of 2015.
This is the second retail joint venture between Taubman and Wangfujing in the Chinese market and will own a majority interest in the shopping centre. The remaining ownership of the shopping centre will be held by Maple (Zhengzhou) Real Estate Development Co.
The project will deliver a comprehensive shopping experience through a compelling mix of retail shops, restaurants and entertainment facilities. The multi-level shopping centre will be anchored by a Wangfujing Department Store, a supermarket, a movie cinema, children’s play area and a mix of international and local, middle to high-end brands. It will also feature an enticing mix of food and beverage experiences.
Wangfujing is currently operating two department stores in China’s Henan province, including one in Zhengzhou, with annual revenue of one store exceeding CNY1 billion (USD160.4 million), according to Liu Bing, chairwoman and president of Wangfujing. The strategic partnership helps the department store chain to accelerate its expansion into the shopping centre industry, on top of it department store business.
The first retail project in Xi’an developed by Taubman and Wangfujing was announced in August last year.