First-store economy booms in Pudong

According to data issued by the Shanghai Municipal Commission of Commerce, a total of 1,078 first stores opened in East China's Shanghai in 2021, with 156 in Pudong New Area, which is among the top areas in the city.

The first-store economy, which has been growing for several years, is now becoming a major retail market driver. The first of many stores opened by a brand in any given area, which could be a city, province, country, region, continent, or the entire planet, is referred to as the first store. A first store usually signifies a brand's initial physical appearance in a market.

First stores are playing an important role in increasing consumption and reviving the retail sales sector. According to statistics, overall retail sales of consumer products in Pudong reached 383.2 billion yuan ($60.52 billion) in 2021, up 20.4 percent year-on- year.

China selected Shanghai, Beijing, Tianjin, Chongqing, and Guangzhou in Guangdong province to lead as international consumption center cities in 2021, and the first-store economy is a crucial stage in developing an international consumption center city.

According to official data, a total of 1,078 first stores, including 10 worldwide and four Asian locations, were opened in Shanghai in 2021, an increase of 18.6 percent year-on-year, putting the city in the first place in the country.

Last year, a number of new business projects, such as Taikoo Li Qiantan, opened in Pudong, and all of these newly-opened business projects provided platforms for the establishment of Pudong's first stores. Over 50 brands opened their first locations in Pudong, including Starbucks' first Greener Store Lab, and Taikoo Li Qiantan now has 250 quality retail outlets.

Taikoo Li Qiantan is situated in the heart of Shanghai's Pudong New Area, East China's Shanghai. [Photo/WeChat account: pdnews]