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Small street shops close on high rents
Print Edition
Rising rent and the shift by consumers toward one-stop shopping centers have caused several small street shops on Huaihai Road M. in Shanghai to close, according to a media report and retail analysts.
At least a dozen clothing or shoe stores on Huaihai Road M. have closed down in the past six months due to a lack of shoppers, the Labor Daily reported yesterday.
More high-quality shopping centers are set to open in the central business district this year to draw consumers who are seeking a one-stop shopping experience.
“Consumers are shifting toward a high-end shopping experience and more product choices when they go out, and demand for a comprehensive commercial complex has been high,” said Steve Chen, head of DTZ China’s retail property division.
New shopping centers on Huaihai Road have pushed up the average rent which smaller vendors find hard to afford, forcing these street-front stores to close, said Chester Zhang, deputy director of the research unit at property consultant Savills China.
In the fourth quarter of last year, the average commercial property rent on Huaihai Road rose 5.14 percent from the previous three months to 54.80 yuan (US$9) per square meter per day. It was the highest growth pace among four other commercial areas in Shanghai, including Nanjing Road E. and Lujiazui, DTZ China said.
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