Ten billion yuan invested in commercial streets
Shanghai aims to build a “Shanghai Shopping” brand over the next three years. The municipal government plans to invest 10 billion yuan ($1.57 billion) to rebuild and upgrade Nanjing Road and Huaihai Road, turning the two old streets into a world-class commercial area, said Shang Yuying, director of Shanghai Municipal Commission of Commerce, at a government press conference Tuesday, Laodong Daily reported.
Nanjing Road is known as “China’s first commercial street” and Huaihai Road boasts a history of about 100 years.
The authority also aims to build 20 characteristic commercial streets, 50 traditional brand stores and 100 famous brand stores around Shanghai. Shang introduced general guidelines and measures to build the “Shanghai Shopping” brand. The general goal of the plan is to reshape Shanghai’s shopping environment, making the city’s consumption market attractive to consumers all over the world.