+600 foreign distributors are approved in Shanghai in first half of 2006

Shanghai is ahead to the international "Shopping Paradise" quickly after the domestic distribution is opened to foreign investors.

The Shanghai Foreign Economic Relation and Trade Commission stated that, more than 600 foreign enterprises are allowed to set up their distributing offices in Shanghai in the first half of 2006. This digit is larger than the sum of similar enterprises that Shanghai approved before and it proves that the half of the foreign distributors that be approved by whole country during this period are moved in to Shanghai.

"In the view of foreign investors, Shanghai is being forecasted as China's Shopping Paradise", said Liu Jingping, the vice chairman of Shanghai Foreign Economic Relation and Trade Commission. "What we induced mostly to Shanghai was foreign bazaar before, but I believe that there will have more and more middle to high-end concession shops in Shanghai and that will upgrade the international business level of this city and helps to mold her to be a shopping paradise."

During the golden week holiday from 1st May this year, the Spanish fashion leader - ZARA, whose shop is on Nanjing Road West and is the first time starts their business in Shanghai, recorded a sales amount of RMB3.5 million for 7 days. Despite of ZARA, the other 3 of the "4 Fashion Leaders in the world", casual wear leader in USA - GAP, fashion leader in Sweden - H&M and low-end fashion chain leader in Germany - C&A moved in to Shanghai at this moment.

The practitioner analyzed that the GDP of Shanghai has a two-digit growth for over 10 years and the maturity of purchasing power of Shanghaiese is attractive to the international brands.

Source: Oriental Morning Post

Date: 9 Aug, 2006