Wendy Zhang/ Shanghai Daily news
The Shanghai No.1 Yaohan Department Store has completed its facelift, with
the nearly 6,000-square-meter ground floor specifically dedicated to the world's
top brands. The store will open to the public tomorrow, the Oriental Morning
Post reported today.
The renovation, covering 30,000 square meters from the
ground to the ninth floor, is the largest restructuring project since the
department store was opened in 1995, said Li Guoding, general manager with the
Shanghai No.1 Yaohan Department Store.
"Building a center on the ground
floor for globally famous brands is the focus of the re-construction, with 80
percent of the brands there upgraded," Li pointed out, adding that among the
more than 30 newly-introduced brands, 70 percent are such world-renowned brands
as Channel and Cartier, the first time for such brands in the Pudong New
Area.
In order to lure one top foreign brand, they offered free decorations
for its boutique, worth 12,000 yuan (US$1,400) in decoration charges per square
meter, Li stressed.
As of this year, many local department stores and
shopping malls have upgraded their brands, with more globally famous brands
being introduced.
The Chinese high-end department store market is becoming
maturer, said Guang Yijun, vice general manager with the property management
company of the Shanghai Times Square. Luxury department stores will have enough
commodity supplies when the domestic retail industry opens to foreign investors
by the end of this year, he indicated, predicting that the number of foreign
brands is expected to increase by more than 30 percent in the next year.