Creating a global city for new product releases
With promoting the “Shanghai Shopping” brand as its goal, the city has been making big efforts to create itself as a global metropolis for new product releases, the first choice for high-end brands and the gathering place for original brands.
According to statistics by the Shanghai Municipal Commission of Commerce, a total of 1,265 international and domestic brands held their first national release in Shanghai in 2017, ranking first in the country. From January to October, 2,890 well-known brands held new product release events in Shanghai, double the number in 2017.
Statistics also show that, from January to October, the total retail sales of consumer goods in the city increased by 8 percent compared with the same period in 2017. Among them, categories that represent high quality development and meet high quality life demands have greatly improved.
For example, textiles, clothing, shoes and hats accounted for 20 percent of the total national retail sales of consumer goods, with an increase of 4 percentage points over the same period of 2017; cosmetics accounted for a quarter, and mobile communications accounted for one-seventh.
The biennial Shanghai International Automobile Industry Exhibition has become the main front for new car releases by the world’s major automakers, especially emerging auto companies. During the China International Import Expo (CIIE) held in November, more than 5,000 exhibits made their debut in the Chinese market, many of which came to Asia for the first time.
Noticeably, after 15 years of cultivation, Shanghai Fashion Week has become the fifth-largest in the world. It held nearly 200 shows this year and has become Asia’s largest ordering season for original design brand.
Entering the local market
Shanghai malls are attracting more global brands as well. The concentration of international retailers in the city has risen to second place in the world, with 90 percent of internationally renowned high-end brands having entered Shanghai.
First stores in Shanghai are now the main place for new product releases. In 2017, Shanghai welcomed 226 first-stores of brands. In the first 10 months of this year, the number of first stores entering Shanghai reached 545. In November, Shanghai No.1 Shopping Center on Nanjing Road Pedestrian Street opened and adidas’s global flagship store was officially unveiled after moving its Asia-Pacific headquarter to Shanghai.
Since its opening a year ago, HKRI Taikoo Hui in Jing’an district has become the most popular place for first stores, and more than 40 first stores have been introduced all year around.
Online platforms have not lagged behind, either. At a signing ceremony for new products of old brands during China’s Time-honored Brands Expo held in Shanghai in September, four local time-honored brands signed with OCJ to jointly create a new online release platform. First Oriental Release, a new product release platform, announced during the CIIE that it will help make more consumer goods within reach.
The city has also been making more effort in institutional innovation, in order to turn Shanghai into a global city for new product releases. An inspection system for imported goods, overseas pre-tests for new products as well as security permission for large-scale activities are highlights.
Shanghai formulated relevant standards for global new product releases and first flagship store settlement, increased trademark protection for new product releases and included qualified new product brands on its “Shanghai Key Trademark Protection List.” It also now provides financial support for new products and related projects that meet the requirements of creating a global city for new product releases.
This story was based on a press release by Touch Shanghai.
A view of Lujiazui area of Shanghai