Shanghai Plaza 66- Luxury shopping in China
What would be the present of the luxury industry without China? China has been one of the hottest spots for luxury brands in the last decade. The impact of Chinese shoppers has been fundamental in the development of the entire luxury industry. It seems impossible, but 15 years ago China represented around 1% of the global luxury sales according to Bain & Co. Today Chinese customers represent around 30% of the global luxury sales.
While several Chinese have been shopping abroad (Hong Kong, Europe, Middle East, USA), the mainland China has been the focus target of the key luxury brands. The first development was in the main cities. Tier two, three and four cities followed immediately after.
The retail luxury map of the country has been changing quite often. From North to South, from East to West. New retail developers would come in town with a new project. A new mall was ready to open, aiming to attract traffic driver brands. Sometimes, there were better conditions for the brands, more space, better locations.
Shanghai itself has gone through several real estate developments in the last few years. Among the shopping malls, Plaza 66 is still one of the most interesting ones. A few year ago, it was recognised as one of the “10 Most Famous Commercial Streets in China”.
In spite of the birth of new and more modern shopping malls, Plaza 66 counts probably on lower traffic. However, due to it’s exclusive location in Jing’an District, it keeps attracting high level and high spending customers. In spite of the opening of new stores around Shanghai, Plaza 66 can count on loyal customers.
Plaza 66 is home of flagship in Shanghai of several luxury brands including Hermes, Chanel, Louis Vuitton, Prada, Ermenegildo Zegna, Valentino, Bvlgari, Fendi, among the others.