[Photo via VCG]

Since the beginning of  2023, many brands' first stores have, one after another, established  their presence in Beijing, significantly boosting the consumption  activities in their respective business districts. Various types of  brand's first stores, flagship outlets, and innovative concept stores  have sprung up all over Beijing in an accelerated fashion. According to  the statistics released by "Choose China" (Xuanzhi Zhongguo, a service  platform assisting enterprises in choosing their destinations in China  for establishing branches, stores, etc.) on October 16, 2023, Beijing  welcomed a total of 718 first stores of different brands in the first  three quarters of 2023, marking a 16.6-percent increase compared with  the same period last year and showcasing the remarkable guidance effects  of the capital's policy for first stores.

Regarding  the places of origin of the brands concerned, 75 of them are foreign  brands, accounting for approximately 10.4 percent. They come from 17  countries and regions across Europe, Asia, North America, and Oceania,  with France having the highest number at 19. In terms of location,  Chaoyang District attracted 304 first stores, constituting about 42.3  percent citywide, maintaining its leading position among all districts  in Beijing. As for the distribution across business districts, three  major high-end commercial districts, namely the Central Business  District (CBD), Wangfujing and Sanlitun, have shown strong momentum by  attracting a total of 150 first stores, including 42 of international  brands.
In terms of business types, the catering industry leads with  428 establishments, making up 59.6 percent of the total number of new  first stores this year and thus securing its position as the largest  contributor; it is followed by the retail industry with 184 retail  stores, accounting for approximately 25.6 percent.

According  to statistics from Beijing Municipal Commerce Bureau, Beijing is  expected to launch 23 new large-scale commercial projects in 2023, of  which the quantity is roughly equivalent to that of the new commercial  venues opened in the past four years. These new projects are expected to  infuse a fresh vibrancy into the consumer market of Beijing.

(Source: YNET.com)