First store economy in Shanghai on fast track to recovery

Vanessa Bruno, a well-known women's clothing brand from France, recently received its business license, and will open its first store on West Nanjing Road in Huangpu district, East China's Shanghai.

According to official data, more than 40 first stores above the city level opened in Shanghai in June, and the city won the title of "First Store Capital" for the first half of this year, which is an example that first store economy in the city has been on a fast track to recovery.

Shanghai's first store economy suffered a sharp setback in the first half of this year due to the recent wave of COVID-19 outbreaks, and the number of first stores in Shanghai during the April-to-June period amounted to only 15 percent of total recorded in previous years.

In late May, the municipal government of Shanghai announced 50 stimulative policies to facilitate economic recovery, including reducing taxes, cutting fees and providing subsidies for companies that have been hit hard by the pandemic.

With the help of the proactive policies, and the pandemic situation being under control in Shanghai, the city has witnessed a fast recovery in first store economy since June. French luxury bakery and sweets producer Laduree launched its first China store in the bustling Xintiandi business district in late June, and it plans to open more chain stores in Shanghai to attract more consumers.

A number of high-level first stores have been set up in Shanghai in July, and it is expected that more than 100 first stores will be launched in the city in the future, including women's clothing designer Nuth, the famous shoe brand BIANSIX, and Ritual Gym. First stores have injected a breath of fresh air into Huangpu's retail sales sector, and are expected to help Shanghai transform into a global consumption metropolis.