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Shanghai officials are calling on traditional and time-honored local brands to offer innovative products and services and adopt new retail formats to boost shoppers’ spending.
“We hope time-honored brands evolve with the latest trends to invigorate shopper sentiment as consumer preferences shift,” Deputy Director of the Shanghai Commission of Commerce Liu Min said. In the first three quarters of 2020, more than 600 brands and retail stores debuted in Shanghai. New brands and product lines have increased consumer sentiment and boosted spending with more diverse offerings. Shanghai will soon unveil the first batch of the 100 leading local brands that cater to new consumer preferences and hot trends, Liu said. Their products will be available at the upcoming Singles Day shopping festival via major online platforms.
City officials hope the latest technologies and novel ideas will serve as new growth engines that spawn more consumer spending. Last year, almost 1,000 new stores opened in Shanghai — tops in the country — according to commercial property consultancy Data Quest China. China Chain Store & Franchise Association chairman Pei Liang thinks the digitalization process will push retailers to upgrade their operations and management structures. Emerging online channels and social platforms have become important sales channels for fashion brands, but some have had setbacks in the push for digital operation models, Pei said.
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