Shanghai is speeding up its retail industry development ahead of the 2010 World Expo.
The city is expected to build 20 new commercial complexes with modern services, integrated offices, hotels, chain stores, mini conference and exhibition centers to enhance daily life, said Hu Yanzhao, vice mayor of Shanghai at the 2007 Shanghai Retailers' Convention yesterday.
"These smaller commercial business districts have become a global trend," Hu said. "Local retailers should work together to establish Shanghai as one of the world's shopping centers as well as an international trade hub."
The community shopping complexes as well as commercial centers in rural areas will be focus points in the city's future development for retail industry, Hu added.
The Municipal Economic Committee yesterday named 20 characteristic commercial streets including Xintiandi, Yu Garden Boutique Street, Duolun Culture Celebrities Street as well as 20 Model Communities such as the Biyun Community and the Daning Life Hub.
The city will continue to revamp traditional commercial streets to attract more international brands after establishing landmarks like Xintiandi, Huaihai Road and Nanjing Road West downtown.
Cai Hongsheng, president of Shanghai Commercial Association said the 2010 Shanghai World Expo also provided opportunities for local retailers to improve service and lift sales.
The event which is expected to attract 70 million visitors will help to generate an additional 145.5 billion yuan (US$19.7 billion) for the retail industry.
(Shanghai Daily November 1, 2007)