Wendy Zhang/ Shanghai Daily news

Fashion-seekers should be prepared to seek-out the new location of Xiangyang Road Clothing and Gift Market after May 15 next year, when the leases are scheduled to expire, today's Shanghai Morning Post reported.
All the retailers have signed new half-year contracts with the market and during this time construction is expected to be completed for the market's move to the Longhua area of the city.
"The old leases expired yesterday and the half-year contract-extensions became available early this month, with most rentals increasing to some degree, depending on the individual locations," said Zhu Liankou, director with the management office of the market, adding that no sharp price-cuts were seen during the re-signing period.
According to the new contract, with the possible exception of special land development projects undertaken by the government, the market will not move before May 15 next year. However, the contracts will not be extended after that, and a new location will be selected from two potential sites near Longhua Airport and close to Longhua Martyrs' Cemetery, said a spokesman with the economic commission of Xuhui District, adding that they are conducting final negotiations with city departments.
Although reluctant to move, most retailers said they would apply for space at the new location.