Friday, March 23
The Chinese newspaper Xinhua released an article recently, claiming that "Beijing is gaining new fame as a shopper's paradise, with numerous malls sprouting up across the city and more in the pipeline in the run-up to the Olympic Games." Developers are fleeing to this area, each competing and desperately searching for a site to build their own mall. Beijing's first modern shopping mall opened five years ago, occupying 120,000 square meters. Today, shopping malls in Beijing occupy a total floor area of 6.33 million square meters, and more than one million square meters will be added to this total this year.
Dennis Luk, director of the retail department under Beijing Colliers International, stated that "'Developers are shifting attention from residential properties to commercial real estate, and the momentum will be sustained in the long run in a more reasonable and healthy way.'" Beijing was also said, if it is not obvious within the square footage of mall area, where consumers spend their money, that the city's income levels are rising, and have risen by 15% in the last three years.
Retailers from overseas are taking part in this development also. Perhaps the US retailers will join as well.
http://news.xinhuanet.com/english/2007-03/20/content_5870492.htm
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