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March 28, 2023

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Home » District » Jing'an

Nanjing Road W. commercial zone to hit retail sales mark

The Nanjing Road W. commercial zone is expected to fetch 100 billion yuan (US$14.62 billion) in total retail sales of consumer goods by the end of 2025, becoming the first commercial zone in Shanghai to reach the mark, it was revealed at the 2023 Forbes China Jing’an West Nanjing Road Forum.

The Nanjing Road W. commercial zone covers 1.8 square kilometers around Nanjing Road W, east to Chengdu Road N, west to Zhenning Road, south to Weihai Road and Yan’an Road and north to Beijing Road W. and Yuyuan Road.

It has been officially defined as a high-end international commercial precinct, on par with the Champs-Elysees in Paris, Via Montenapoleone in Milan, Orchard Road in Singapore and Regent Street in London.

“Actually, across the country, there are some prominent commercial projects, like SKP in Beijing and Taikoo Li in Chengdu. They are not untypical,” said Shen Hong, director of the Jing’an Commerce Commission.

She added, “But in terms of a commercial zone, it’s hard to find any in China to rival Nanjing Road W., which has so many grand shopping malls like Plaza 66 and Jiuguang department store, and features multiple types of economy like brand economy and nightlife economy.”

Figures show that total retail sales of consumer goods in the commercial zone added up to nearly 80 billion yuan in 2022.

It is estimated to reach 100 billion yuan in three years.

Under new measures, authorities will continue to push the economy and digital consumption forward.

“In recent years, we have introduced and fostered business entities with great capability of brand operation and considerable overseas influence so as to help Nanjing Road W. evolve into a highland of global brands,” Shen observed.

According to Plaza 66, one of the most well-established and reputable luxury malls in the city, Jing’an is an entry point of new products into Shanghai and China. Since earlier this year, its economy has gathered pace and the mall has confidence in the local market.

Meanwhile, the Jing’an Commerce Commission has invited 12 experts and industry insiders to watch over the development of the Nanjing Road W. commercial zone.

They include Bruno Lannes, senior partner at Bain & Company; Lan Zhenzhen, chief corporate affairs and engagement officer of L’Oreal North Asia and China; Cynthia Chu, regional managing director of Eastern China of CBRE; and Professor Zhang Yina from Fudan University.

Besides, a plan to optimize the consumption environment in Jing’an was also unveiled.

It contains 46 tasks in five categories. To name a few, administrative procedures to get business license will be further simplified; customs clearance service will be optimized; and malls, headquarters and e-commerce platforms are encouraged to build one-stop digital system covering online and offline businesses.

At the forum, Jing’an was also awarded the certificate as a demonstration district of international and digital consumption center.

Figures show online retail sales now account for half of the total retail sales of consumer goods in Jing’an as a set of measures to encourage digital economy has come into effect.

The downtown district has been encouraging companies to set up headquarters, R&D centers and open innovation platforms which focus on digital economy, and it has fostered Baozun, Trueland Information Technology and other domestic industrial leaders in big data.

Notably, Jing’an has pioneered the use of digital currency in the Nanjing Road W. commercial zone.




 

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