(Yicai Global) Jan. 19 -- Chengdu International Finance Square, the mega integrated shopping complex under Hong Kong property developer Wharf Holdings, has logged double-digit growth in traffic and sales for straight seven years despite disruptions wrought by the Covid-19 pandemic, per statistics the Chengdu IFS released for its seventh anniversary.

Strong local consumption and close online-and-offline business integration through actively embracing the livestreaming trend has given the Chengdu IFS a nearly 100 percent occupancy rate throughout last year.

Chengdu IFS turned to digitization amid the pandemic’s uncertainties. The IFS WeShop digital retail platform developed as early as 2018, was updated last year to offer ’24-hour, 365-day’ service. It has also expanded its deliveries to 16 provinces.

With restrictions on offline activities during the coronavirus, Chengdu IFS launched its CHAO livestreaming studio last year. It has completed 1,200 live-streaming marketing sessions with resident brands that have attracted a total of over 100 million online viewers.

Youth Culture

Eyeing generation Z’s rising spending power, Chengdu IFS has also cooperated with agencies or brands engaged in hip-hop, street dance, esports or popular culture, to cater to younger groups’ personalized needs.

More than 120 new stores opened at Chengdu IFS last year, including over 70 national, regional or local debut stores of international brands such as Canada Goose, Carven and La Perla. Its membership grew by 30 percent to about 400,000 last year, among whom Millennials and Generation Z make up more than half, in respective 60 percent and 180 percent annual growth.

Chengdu IFS’ revenue was 8 percent lower in the first half year of last year, while its profit rose 4 percent despite challenges brought by the Covid-19 pandemic, according to Wharf Holdings’ semiannual report. Its sales made a strong rebound in the second half.

Pandamonium

Set amid the hustle and bustle of Chengdu’s Chunxi Road Business Circle and with a huge giant panda sculpture scaling Godzilla-like over its facade, the Chengdu IFS has become a new urban landmark in this city of more than 16 million residents.

Another IFS, also under Wharf Holdings, opened in the neighboring city of Chongqing in 2017.

Against the backdrop of construction of the Chengdu-Chongqing economic cluster, the Chengdu IFS and Chongqing IFS jointly started interactive activities targeting tourists. Their connection became even closer after a 350-kilometer-per-hour maglev train line opened between the two cities shortened travel time to within one hour. The enhanced interaction between the two is conducive to cultivating a new cultural and tourism shopping experience.

Wharf Group has invested CNY17 billion to build the Chengdu International Finance Square, a complex with a floor area surpassing 760,000 square meters, and which includes shopping malls, office buildings, hotels and residences.

Editor: Ben Armour