Malls to grow at record pace this year

Source: Xinhua | 2017-08-31

SHANGHAI is poised to see the area of commercial complexes grow at a record pace this year as the city's consumers become more sophisticated in their shopping, entertainment and cultural activities, a report said today.

Forty-one new complexes comprising 900,000 square meters of commercial space are expected to open this year, the Shanghai Municipal Commercial Information Center said in a report commissioned by the Shanghai Statistics Bureau.

Shanghai will then boast a total of 230 commercial complexes by the end of the year, said the report which defined a commercial complex as a shopping mall with three or more functions across retail, restaurant, entertainment, cultural activities, and training. The mall should be larger than 10,000 square meters and has more than 50 independently operated outlets to be included in the definition.

Over half of the commercial complexes will be located in Pudong New Area, Huangpu, Minhang, and Jing'an districts.

“Commercial complexes are like an alternative meeting room for Shanghai residents as the malls can merge commercial, cultural, and tourist activities,” said Luo Hong, director of the center’s market information and monitoring department. “Development of the new business model also drives the upgrading of commercial districts and help Shanghai grow into an international consumption destination.”

Shanghai’s complexes are set to rack in total sales of 160 billion yuan by the end of the year, up 18 percent year on year, according to the report.