In the first half (H1) of this year, Futian District welcomed 50 brands’ debuts, ranking first among Shenzhen’s districts in terms of first stores, according to the city’s industry and information technology bureau.
Futian’s achievements in the first-store economy were bolstered by its measures to vigorously develop itself into a first-store district. It will offer rewards of up to 5 million yuan (US$739,142) to brands launching stores in Futian, which are their first in China, South China or Shenzhen. Futian’s shopping malls and other business entities that introduce first stores can gain a reward of up to 500,000 yuan.
Spurred on by preferential policies, overseas and domestic brands have increased investment in Futian’s consumer market this year. For instance, American brand Vera Wang Bride and Chinese multibrand retail space named hug launched their first South China stores in One Avenue mall. The city’s first Mandarin Oriental Hotel also chose its location at UpperHills in Futian.
The government’s efforts in the first-store economy have produced impressive results. Statistics of Winshang.com showed that the newly opened first shops in Futian account for nearly 40% of the city’s total debuts in H1. Among the 50 stores, 11 are first stores in China, 13 are first in South China and 26 are first in Shenzhen.
Futian is Guangdong Province’s first district (county) whose total consumer good retail sales exceed 200 billion yuan, ranking first in Shenzhen for 17 consecutive years.
In H1 of 2022, the district’s consumer good retail sales totaled 106 billion yuan, accounting for 23.6% of the city’s total, topping all districts and counties in the province.