Shanghai retailers to benefit long term from World Expo
By Cao Qian |
April 28, 2010, Wednesday
|
Print Edition
Print Edition
WORLD Expo 2010 is expected to have a long-lasting impact on Shanghai's retail sector.
With the world fair opening on Saturday, shopping malls on both sides of the Huangpu River are gearing up to take advantage of the 70 million expected visitors.
"The Expo's impact on the retail sector will last longer than the six-month increase in tourism," said Anthony Couse, managing director for Jones Lang LaSalle Shanghai. "The real legacy of the event will come from the opportunities that the new infrastructure creates across the city in all commercial as well as residential property sectors."
In the heart of Lujiazui, Pudong, Shanghai IFC mall, a top-tier retail project developed by Hong Kong-based Sun Hung Kai Properties, is scheduled to open today, three days ahead of Expo 2010.
An integral part of Shanghai IFC, Sun Hung Kai's first landmark development in Shanghai designed to replicate the success of Hong Kong IFC, is its six-story retail complex. It will join Nanjing Road W., Huaihai Road M. and the Bund area as a luxury shopping destination.
With a total gross floor area of more than 92,900 square meters, Shanghai IFC mall will house the largest collection of international luxury brands. Of these brands, 15 percent are debuting in China and 40 percent are entering Shanghai for the first time, according to Wong Chik-wing, executive director of Sun Hung Kai.
Nearly 90 percent of the mall has been leased amid robust market demand and 25 top-tier brands such as Louis Vuitton, Chanel, Hermes, Prada, Gucci, Cartier, Salvatore Ferragamo and Tiffany have already secured spaces on the ground floor.
Meanwhile, on the other side of the Huangpu River, the 300,000-square-meter SML Central Square is close to opening in downtown Luwan District. Half of the space is designated for retail, as well as food and beverage outlets.
SML Central Square, an 8 billion yuan (US$1.17 billion) development by Ding Rong Real Estate from Taiwan, will launch its retail operations - including a 50,000-square-meter department store, 60,000 square meters of F&B space and a 30,000-square-meter IT mall - within about two months.
SML Central Square is above Dapuqiao Station on Metro Line 9 and less than 2 kilometers from the Expo site in Luwan. It's the largest commercial project to be developed in downtown Shanghai in the past few years and is positioned as a trendy leisure destination.
With the world fair opening on Saturday, shopping malls on both sides of the Huangpu River are gearing up to take advantage of the 70 million expected visitors.
"The Expo's impact on the retail sector will last longer than the six-month increase in tourism," said Anthony Couse, managing director for Jones Lang LaSalle Shanghai. "The real legacy of the event will come from the opportunities that the new infrastructure creates across the city in all commercial as well as residential property sectors."
In the heart of Lujiazui, Pudong, Shanghai IFC mall, a top-tier retail project developed by Hong Kong-based Sun Hung Kai Properties, is scheduled to open today, three days ahead of Expo 2010.
An integral part of Shanghai IFC, Sun Hung Kai's first landmark development in Shanghai designed to replicate the success of Hong Kong IFC, is its six-story retail complex. It will join Nanjing Road W., Huaihai Road M. and the Bund area as a luxury shopping destination.
With a total gross floor area of more than 92,900 square meters, Shanghai IFC mall will house the largest collection of international luxury brands. Of these brands, 15 percent are debuting in China and 40 percent are entering Shanghai for the first time, according to Wong Chik-wing, executive director of Sun Hung Kai.
Nearly 90 percent of the mall has been leased amid robust market demand and 25 top-tier brands such as Louis Vuitton, Chanel, Hermes, Prada, Gucci, Cartier, Salvatore Ferragamo and Tiffany have already secured spaces on the ground floor.
Meanwhile, on the other side of the Huangpu River, the 300,000-square-meter SML Central Square is close to opening in downtown Luwan District. Half of the space is designated for retail, as well as food and beverage outlets.
SML Central Square, an 8 billion yuan (US$1.17 billion) development by Ding Rong Real Estate from Taiwan, will launch its retail operations - including a 50,000-square-meter department store, 60,000 square meters of F&B space and a 30,000-square-meter IT mall - within about two months.
SML Central Square is above Dapuqiao Station on Metro Line 9 and less than 2 kilometers from the Expo site in Luwan. It's the largest commercial project to be developed in downtown Shanghai in the past few years and is positioned as a trendy leisure destination.
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