Hong Kong stores give life to Nanjing's retail
(HK Trade Development Council)
Updated: 2006-04-16 10:27 Recreating Xinjiekou as a top-end area
There seems more to high-end department stores in Xinjiekou than Deji Plaza
and the Hang Lung Shopping Centre, the latter of which is still in preliminary
development.
According to the urban development plan for Xuanwu district, the northeastern
corner of Xinjiekou will be developed into a top-end shopping area. The goal is
to have Xinjiekou rise in glory again within three to five years.
Six mega property developments in north eastern Xinjiekou, each involving an
investment of over Rmb1 billion (HK$833 million), have piling work under
way.
They include Deji Plaza, Landmark Plaza, Kairun Jincheng and Dengfuhang Trade
City, all of which are to be modern shopping and business venues, with what's
expected to be top-rated facilities.
When completed in 2008, these commercial developments will provide a total
business area of one million or more square metres and are expected to generate
revenues of between Rmb10 billion and Rmb20 billion (HK$8 billion and HK$16
billion), equivalent to yet another Xinjiekou.
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| The
up-and-coming Xinjiekou district. | As Hong Kong
department stores make their inroads, existing high-end department stores in
Xinjiekou are also hastening their renovation.
The Jinling Hotel Shopping Centre, built in 1983, has already been renovated
and the management is looking for new tenants. So far it has attracted
international catering and leisure brands like Haagen-Dazs and Yosemite.
Another newcomer, Jinling Department Store, started a call for investment in
2005 in a bid to look for partners for equity or cooperative joint ventures. It
is also looking at possible chain operations to develop brands and maximize
available resources and capital.
With Deji Plaza and the Hang Lung Group dominating the northeastern end of
the re-born retail area, locally managed Golden Eagle and the Jinling Department
Store are in the west while Oriental Shopping Centre is in the south.
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