Shenzhen has stepped up efforts to become an international consumption center and has taken measures to boost consumption and expand domestic demand.
Shopping centers serve as a key engine for consumption. Data suggested that Shenzhen has over 100 shopping malls with over 50,000 square meters and eight of them have achieved annual revenue of over 3 billion yuan (US$430.15 million).
Shenzhen now boasts a number of high-end shopping centers such as the MixC shopping mall in Luohu, Shenzhen Uniwalk in Bao’an and MixC World in Nanshan. Several pedestrian streets and featured blocks also won prizes. Dongmen Pedestrian Street has been included into the second batch of pedestrian street renovation pilot projects.
Huaqiangbei Pedestrian Street has won the title of international trustworthy brand. Shekou Binhai Cultural and Creative Block has been awarded the national night economy tourism spot.
Shenzhen Shanshan Outlet Plaza, the biggest experiential outlet program in South China, opened in Songgang, Bao’an District. The outlet was designed to include nearly 200 global brands to boost consumption featuring luxury discounts.
The “first-store economy” also saw robust growth in Shenzhen with many renowned domestic and international brands open their first Shenzhen stores.
In the first half of the year, Shenzhen saw 130 new first stores, with 70 open in the third quarter. The growing number of first stores not only showed the city’s attraction to consumption resources, but also highlighted brand confidence toward the city’s commercial market, as reported by Shenzhen Special Zone Daily.
The booming “first-store economy” is also attributed to policy support. Starting this year, Shenzhen has issued measures to support the building of an international consumption center including several targeting first store economy.
Shenzhen Retail Business Association launched a public service brand called Shenzhen Shouxin (or Shenzhen souvenirs in English) to include hundreds of original products covering fashion design and consumer electronics fields. Over 200 local brands have been included in Shenzhen Shouxin.
Cao Zhongxiong from the China Development Institute said that Shenzhen should not only attract more global quality consumption resources, but also make full use of its tech innovation capability to develop Shenzhen brands and to include Hong Kong and Macao elements so as to create world-class business areas with Shenzhen characteristics.
According to the measures of building up an international consumption center, Shenzhen aims to cultivate a group of renowned brands via a brand plan. Selected brands in the plan are eligible to be awarded 2 million yuan.