In recent years, Taixing city – administered by Taizhou city in East China's Jiangsu province – has been accelerating its introduction of many brands' first stores, and its booming first-store economy has greatly diversified the city's high-quality consumption offerings.
Adhering to differentiated and distinctive management, the Gulou New World shopping mall has introduced over 100 brands, with first stores and must-visit internet celebrity stores accounting for over 40 percent of the total.
Last year, its passenger flow exceeded 10 million.
Wuyue Plaza in Taixing city. [Photo/WeChat account: txfabu]
Highlighting the rapid development of the first-store economy, the mall's annual turnover rate for brands now hovers around 25 percent, as it bids to stay attractive and competitive in the market, said Ling Xia, the mall's deputy general manager.
Elsewhere in Wuyue Plaza, new consumption and business formats continue to multiply.
"We always maintain negotiations with brands that are favored by local customers and are highly popular in the market," said Jiang Lu, the plaza's deputy director of investment promotion.
In the first half of this year, Taixing's commercial complexes introduced 16 first stores for brands. In terms of service industry development, the city's total retail sales of consumer goods reached 16.23 billion yuan, an increase of 19.5 percent year-on-year.