Shanghai to boost shopping landmarks, first stores
A bevy of cool coffee shops, bakeries and ice cream parlors attract young people to Wukang Road in Shanghai. [Photo by Gao Erqiang/China Daily]
The signing ceremony for key shopping landmarks and first stores in Shanghai was held in the city in East China on Sept 13.
An important initiative in Shanghai's development as an international shopping and retailing hub, the ceremony comprised a signing between district governments and shopping landmarks, together with a signing between consumer landmarks and premier brand stores – involving 14 districts, 15 key shopping landmarks and 12 first stores.
The stores cover various categories including cosmetics, home furnishings, jewelry, clothing and automobiles.
Under Shanghai government's latest blueprint, the city plans to increase annual retail spending to 1.8 trillion yuan ($277.3 billion) by 2023.
In addition to building up 160 influential local brands, the municipal government aims to attract another 2,400 brands from across the world to open stores in the city, according to the three-year action plan released last month.
The plan is in response to the central government's decision to accelerate the general consumer upgrade – in which consumers spend less on daily necessities and proportionally more on high-quality, value-added products – as well as to develop domestic markets and enhance the role of spending in economic growth.