A Total of 130 brands debuted in Shenzhen in the first half (H1) of this year, growing 83% year on year, according to statistics from Winshang.com, an information and industry data service platform.
Data showed that among the 130 new stores, 32 are first stores in China, 38 are first in South China and 60 are first in Shenzhen.
The first quarter of 2022 saw only 29 first stores open, while 101 brands established their first stores in the second quarter, up 200% from the previous quarter, signaling the resilience and strong momentum of businesses in the city.
In H1, Shenzhen welcomed the debut of 39 overseas brands, accounting for 30% of the total.
Among the international brands’ first Shenzhen stores, 70% of them were launched in three shopping malls: the MixC, the MixC World and One Avenue. All 15 first stores the MixC introduced were from overseas well-known brands.
The top three district where the first stores were set up are Futian District with 50, Nanshan District with 42 and Luohu District with 17. The MixC, the MixC World, UpperHills and Coastal City attracted 67% of Shenzhen’s first stores in H1.
In H1, retail and catering businesses made up 90% of the first stores in Shenzhen, with 59 retail and 57 catering businesses opening.
The boom in Shenzhen’s first-store economy is inseparable from government’s support. In 2020, the city introduced a slew of measures to further stimulate consumption vitality and growth, highlighting the task of accelerating the development of the first-store economy.
This July, a new round of 30 measures was rolled out across the city to promote steady economic growth, offering a maximum of 1 million yuan (US$147,880) in rent and decoration subsidies for eligible domestic and prestigious overseas brands that open their first stores, flagship stores and new business stores in Shenzhen.
Fueled by these policies, Shenzhen aims to build itself as a first-store city and international consumption center with the first-store economy as a new engine, Shenzhen Economic Daily said.