Shanghai’s Top Ten Shopping Destinations Revealed
Shopping at some of Shanghai’s largest malls increased 5.7 percent during June, as an industry survey ranked the city’s top ten shopping centres and department stores for the month. Writes Micheal Cole.
The report also showed that some new shopping centres, such as the River Mall at the former Expo Axis, are rapidly picking up customers.
According to the results of a survey released last week by the Shanghai Mall Association, sales at 98 shopping centres and department store companies polled by the industry group totalled RMB 7.07 billion during June, an increase of 5.7 percent from the RMB 6.69 billion taken in during the same period last year.
However, the Association also acknowledged that, when factoring in for an increase of nine additional companies in the survey, the revenue per company actually decreased 1.2 percent.
For the second month in a row, local retail developer Bailian’s River Mall at the former Expo Axis along the Huangpu River led the list of the fastest growing shopping destinations.
The list of the city’s top ten shopping destinations by turnover included a surprising number of traditional department stores in the downtown area, and the rankings were led by the tourist destination of Yuyuan.
Ranking Shanghai’s shopping destination’s by June revenue
The biggest change in the rankings for June was No1 Yaoban Department stroe, with the ten-storey Pudong Destination slipping to fifth after standing second during May. Also on the Charts were Wanda Plazza’s Yangpu district location at Wujiaochang, Hang Lung’s high-end leader – Plaza 66 in Jing An, Bailian’s Zhonghuan location in Putuo at number four, and its rankings were Hang Lung’s Grand Gateway at Xujiahui at number seven, Bailian’s Qingpu outlet mall at number eight and its Minhang mall at number nine, while the venerable Shanghai New World Cith at People’s Square still made it in at number ten.
In terms of retail revenues by sector, expenditures on dining were up 16.8 percent compared to the same month last year, cultural and entertainment invoices rose 8.3 percent, sales of goods increased 8.2 percent. Still maintaining respectable growth were sales of electronics — which despite the housing slowdown still climbed by 5.5 percent compared to last year.
Falling behind the pack were sales of services which grew 3.6 percent, and revenues at supermarkets, which rose only 0.9 percent.
Dividing up the city by areas, sales in Pudong grew 12 percent in June compared to June 2013, while in the city centre west of the river, retail spending was up 0.7 percent. Invoices in the suburbs grew by 12.1 percent.