Shanghai seeks to attract ‘first stores’ and product debuts

SHINE | 25-Oct-2021 | By Huang Yixuan

Shanghai expects more than a thousand “first stores” to open in the city this year. Vice Mayor Zong Ming reaffirmed the city’s determination to accelerate its positioning as an international consumption center at a press conference held by China’s Ministry of Commerce on Wednesday.

Shanghai will focus on attracting more merchants, luring more brands to open their first stores in China or the Asia Pacific region here in Shanghai, nurturing more renowned commercial districts, innovating a rich and varied consumption pattern, and creating a consumption environment attractive to both residents and travelers, Zong said. As an example, in line with the concept of the “Shanghai Shopping” brand the city will stimulate the digital transformation of commerce, foster new forms and patterns of consumption, encourage deeper integration of businesses online and offline, and vigorously develop the livestreaming economy, Zong said.

He also noted the city’s goal to light up the city’s night-time economy, with plans to hold more activities and events such as the Double Six Nightlife Festival. The city has also highlighted its promotion of the “debut economy,” in which businesses are encouraged to open their first stores and launch new products in Shanghai. The city expects to lure more than a thousand brands to set up their first stores in Shanghai this year.

If that target is achieved, it can be attributed mainly to a series of special activities to draw more businesses from home and abroad, including the six-week Shanghai Global Products Debut Season which was part of the Double Five Shopping Festival.

Another highlight: The annual China International Import Expo in Shanghai in November has seen fruitful results in its first three years. The CIIE has served and can further serve as a great platform for more overseas companies to launch a foray into the Chinese market.