The end of a beautiful friendship

Source: Xinhua | 2018-11-28

Shanghai Hongqiao Friendship Shopping Center has closed for business as the city seeks to reinvigorate the retail industry in the face of challenges from new business models.

As of yesterday, the shopping center was closed for restructuring and reshuffling, according to a statement on its official social media account.

Shanghai Friendship Shopping Center was set up in 1994 as the first joint venture department store between Shanghai’s state-backed retail conglomerate Bailian Group and a Hong Kong investment company.

A source close to the Bailian Group told Shanghai Daily that it’s in the process of discussing the restructuring plan but declined to give more details.

According to a three-year action plan released by the Shanghai Commerce Commission, the city will encourage new retail formats to cater to consumer demand.

Business