(Yicai Global) June 29 -- Almost three quarters of the space in Shanghai Citic Square is already spoken for ahead of the landmark commercial complex’s grand re-opening at the end of this year after the most extensive renovation in its 20-year history.

Over 70 percent of available space has been reserved by leading Chinese and international brands in retail, services, catering and the arts, General Manager Wu Jun said in an interview with Yicai Global yesterday.

Located on West Nanjing Road, one of Shanghai’s most bustling and vibrant thoroughfares, Citic Square has been closed since last July for a major refit. The old facade was completely demolished and has been replaced with glass walls that resemble computer pixels to help set it apart from other plazas nearby. Work on the interior is in full swing.

The shopping mall at “Citic Square would soon be fully occupied, as many brands want to join in,” Wu said. “But we want to do better.”

The coronavirus outbreak slowed decision-making at some overseas brands that were reluctant to expand amid the uncertainty, but the situation improved greatly from the second half of last year, he said, adding that many are still confident about and interested in the Chinese market.

“They found luxury goods and catering have great potential in China, and their willingness to engage in the market has gradually strengthened,” said Wu. 

‘Innovative Lifestyle Experience’

Citic Square Shanghai first opened in 2000 as the flagship of Citic Pacific Properties, a Shanghai-based property developer. More Citic Squares were subsequently opened in the cities of Guangzhou, Wuhan, Nanjing, Yangzhou, Jinan, Qingdao and Suzhou.

“If a piece of real estate wants to become a landmark destination, it needs to provide engaging lifestyle experiences, satisfying consumers’ emotional needs,” said Fei Yiping, general manager and director at Citic Pacific China Holdings. “We have been working closely with some of our talent partners over the past year to create a truly innovative lifestyle experience.

“The revamped Citic Square will be a diversified and engaging space celebrating the interaction between technology and culture,” he said. “We look forward to showing you a brand new Citic Square in the near future.”

New Directions

The plaza is expected to attract younger consumers with spending power, especially those born after 1990. “Businesses and brands landing here also agree with us on this,” Fei said, “and the brands will be more fashionable than ever before.”

The shopping mall has also set up an online platform, mainly to attract more consumers from online to offline.

So far, brands such as Salon Mei, a restaurant named after the Peking Opera master Mei Lanfang, Museum Box, the first membership-only urban art retail space in China, and Fun & Kale, a branch of restaurant chain Wagas that opened its first eatery here, have signed contracts with Citic Square.

A number of retailers once hidden away in old villas and alleyways that are now in demand online have also shown a willingness to move into Citic Square, Wu said. “Despite some concerns over moving, they agree with us about creating a space for diversified lifestyles, and are willing to try with us and do it well.”

Editor: Tom Litting