(Yicai Global) June 27 -- Renovations at Shimao International Plaza, one of Shanghai's major fashion malls, are close to completion and it is set to reopen this September.
The redevelopment of Shimao International, located in the heart of the Nanjing East Road shopping hub, is part of the municipal government's plan to reshape the area into an international metropolis for shopping.
The building's owner ShangHai ShiMao has already signed contracts with 112 brands to set up locations in the mall, many of which are opening in China for the first time, company Executive Xiao Tao told Yicai Global.
Over half of space at the upgraded Shimao International Plaza will host retail outlets, while food and beverage will make up 23 percent and 21 percent will be experience shops. Xiao expects footfall at the mall to double compared with before the renovation.
Shimao International Plaza aims to become a hub for global flagship stores, with Nike, Lego, Sephora and Starbucks among the initial tenants. These brands will introduce their newest and most complete store concepts at the mall, Xiao added.
Shanghai has become the first choice for the world's leading brands in China. In 2017, some 1,265 international and domestic brands premieres were held in Shanghai, ranking first nationwide, while some 226 labels opened their first stores in the city, accounting for nearly half of the country's total. In this year's first quarter alone, some 50 companies opened their first stores in Shanghai, making up more than half of the total across China.
Other companies ready to move into Shimao include sports brand Champion with its first flagship store in Shanghai and Denmark's niche brand Rains.
Editor: William Clegg