High-end retailers target wealthy neighbors
15/12/2003 17:46
With the world's top-grade brands unavailable in the neighboring
Jiangsu and Zhejiang Province, high-income groups there are expected to become a
new cash cow for high-end retailers in Shanghai, the Youth Post reported
today.
The Westgate Mall held a promotion with a radio station in Zhejiang
Province, offering prizes for 20 girls from Hangzhou to shop there.
The
promotion will help them tap the vast Jiangsu and Zhejiang market, said Fu
Ranke, manager with the promotion department of Westgate Mall Co Ltd.
There
is a shortage of the world's top-grade brands in Jiangsu and Zhejiang Province,
but the number of high-income people there is on the rise, Fu said. "The group
will be our target consumers and a new engine of growth," he added.
The local
high-end consumer market is nearly saturated, so the traditional business mode
cannot meet the market demand, Fu pointed out. The luxurious consumer market in
Shanghai is nearly the same as that for a metropolis, so for high-income people
in the neighboring provinces, going shopping in Shanghai is more attractive than
that in Hong Kong, Japan and South Korea, he added.
Frequent financial and
trade exchanges among Jiangsu, Zhejiang Province and Shanghai, will inject new
blood into the local retail market, said an industry analyst.
Wendy Zhang/ Shanghai Daily news
|
