City to bolster effort to attract global brands

Shanghai will enhance its facilities, services and policy support to attract more brands to the city as part of its efforts to become a world-class shopping hub, said Shang Yuying, director of the Shanghai Commerce Commission.

“We aim to build Shanghai into a world-class shopping hub that offers the world’s most updated, trendiest and most value-formoney selections. The city will take various measures to ensure easier and faster launch of new products from across the world,” said Shang during a ceremony on June 15 which marked the beginning of the city’s drive to become a choice destination for global product launches.

“Shanghai, a city that thrives on trade and commerce, has a solid foundation and unrivalled advantage to build itself into a world-class shopping hub,” she added.

According to the commerce commission, Shanghai is already China’s top city for new product launches. In 2017, the city was where more than 1,200 brands and products were launched. More than 220 brands have opened their first flagship stores in the metropolis, accounting for nearly half of the country’s total last year.

The city’s retail sales, which are ranked first in the country at 1.2 trillion yuan ($184.6 billion), are set to grow 8 percent this year, the commission added.

A recent market research report by CBRE Group also found that Shanghai has the world’s second strongest international retailer presence.

Dubai topped the rankings with 62 percent of international retailers doing business in the city in 2017. Shanghai came in second with 55.3 percent, followed by London (51.7 percent). New York, the top US city, was ranked eighth (46.3 percent).

Although Shanghai has been a popular choice of destination for the world’s leading brands to launch their products, it still trails cities like New York and Paris in terms of consumption.

As such, the inaugural China International Import Expo, which is scheduled to take place in Shanghai in November, will offer the city another boost in building itself into a world-class shopping hub, Shang said. The expo is expected to attract thousands of importers from across the world and around 150,000 buyers from within the country.

As the host city, Shanghai has tapped into the opportunity to “improve the business environment and emphasizes consolidating and enhancing our status as an international trade center”, said Shang, who noted that one of the measures taken is facilitating an easier entry for imported goods and services.

Shang added that the commission plans to promote liberalization measures, which have been trialed in the free trade zone for over a year, to the whole city. For example, the commission has been working closely with customs to adopt clearance practices applied in the FTZ for more efficient clearance of new products set to debut in the city.

Shanghai will also focus on developing a legalized and international business environment as well as provide greater support to homegrown brands.

All these measures have been warmly received among brands and retailers.

Clarence Lee, Chief Executive Officer of HKRI Taikoo Hui, said Shanghai’s determination to build itself into a world-class shopping hub has greatly boosted the confidence of traditional commercial real estate. Of the nearly 40 new brands that set up shops in the Taikoo Hui shopping center in Shanghai last year, 25 of them were making their debut in the city.

Up-and-coming fashion designer Uma Wang also applauded the city’s support for local talent. A graduate of the Shanghai-based Donghua University, Wang rose to international fame in 2010 after her designs debuted at Shanghai Fashion Week.

“Chinese design is receiving increasing international attention and many rising Chinese designers need such support to debut their designs and gain international exposure,” Wang said.

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