Hong Kong stores give life to Nanjing's retail
(HK Trade Development Council)
Updated: 2006-04-16 10:27
Recently, Hong Kong's leading high-end department store operators have taken
premium sites in Nanjing's Xinjiekou district. Together with overseas Chinese
funded stores, they will be competing on price, profits and quality. Even
traditional local players are eagerly hoping to pick up a share of the
competitive pie.
Hang Lung, a department store owned and operated by Hong Kong interests with
an international network, is reportedly eyeing the street-facing site of the
Xinhua News Agency. Observers believe it will not be long before Hang Lung sets
its footprint on Nanjing.
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| Glimpse of the
future today: Golden Eagle Department Store. | As
one of the few remaining prime sites in the Xinjiekou district, the Xinhua site
currently has an area of between 10,000 and 30,000 sqm. When completed, the
shopping centre will have a floor area of between 50,000 and 60,000 sqm.
Earlier, the site of the former Times Square at the northeastern corner of
Xinjiekou was taken by Hong Kong's Pat Davie Ltd, despite the fact that the
place used to be known locally as the "dead end" of Xinjiekou, having changed
hands many times. All previous development plans were aborted halfway and
failed.
In fact, it was not until 2004 when Pat Davie took over the site, which was
Deji Plaza, that the industry began to see its prospects differently.
Since then, the Deji Plaza has become a feasible prospect. It is a
seven-storey building with a business floor area of 20,000 sqm. In addition to
clothing brands, it is also home to restaurants, five-star cinemas and
children's amusement venues. Only Phase 1 of the project is now open for
business, although Phase 2 will have another 200,000 sqm business area.
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