Hong Kong stores give life to Nanjing's retail
(HK Trade Development Council)
Updated: 2006-04-16 10:27 Together with Golden Wheel Plaza Shopping Centre (still under construction),
these high-end department stores are arranged in a "diamond" pattern between
Zhongshan Road East and Hanzhong Road in Xinjiekou, making competition
intense.
The entry of Hong Kong capital into Nanjing's Xinjiekou has certainly ushered
Nanjing's commercial dealings into an era of fierce corporate contests.
Large Hong Kong companies like Henderson Land Development, Hang Lung
Development, Swire Properties, Hongkong Land and New World China started
investing in the commercial property development sector on the mainland in the
1990s in the form of "property plus commercial development".
These big property developers are all venturing into the retail sector at the
same time. For example, Sun Hung Kai is the controlling shareholder of Grand
Ocean Department Store, New World owns the New World Department Store chain,
Hutchison Whampoa operates Park'n Shop and Watson's, while Hang Lung Development
has invested in the Hang Lung Shopping Centre.
Nanjing's Central Plaza recently indicated its intention to bring in high-end
consumption by opening a luxury brand section. This may herald the upgrade of
traditional department stores in the city.
from Irene Xu, Shanghai
Office
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