New Shopping centers to attract Shenzhen shoppers

New Shopping centers to attract Shenzhen shoppersResidents with fat wallets and a growing spending power are showing up in Shenzhen, prompting major shopping malls to open up more upmarket stores to cope with the buying power of the residents.

Rainbow Department Store Co. a Shenzhen based chain store opened a Dream On store in the Futian District last November 25, the chain store first upscale shopping center. KK mall also opened in the prosperous Caiwuwei finance are carrying more than 100 prominent brands and the first IMAX digital cinema. One of the largest retail stores in China CR Vanguard also opened a new convenience store Blt selling a majority of imported goods. The Shenzhen Blt is the company’s first store in South China and its fourth in the country.

An analyst said that Shenzhen consumers have a strong spending power, and the city lack high end shopping malls and quality products that is why a lot of Shenzhen residents flock to Hong Kong to do their shopping. And with recent food safety problems and yuan appreciation, more and more  people are buying their daily necessities such as detergents, shampoos, soy sauce, and condiments in Hong Kong grocery stores.

Today, fewer Hong Kong residents are coming to Shenzhen to purchase farm produce and other products as they done in the past decades. A far contrast in 1986 where 20,000 Hong Kong residents comes to Shenzhen to do groceries daily. Retailers hopes that the new malls can boost and attract half of the customers back to Shenzhen and they are confident that the new stores will be a success in doing just that.

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