Shanghai's ambition to become a hub for the "debut economy" has been successful, with a total of 489 first stores opening across the city in the initial four months of the year, official sources reported.
From January to April, as many as 489 new first stores opened, including three first stores across Asia or beyond and 55 debut stores in China or on the Chinese mainland, setting new records in both quantity and quality, said Ju Xinping, an official from the Shanghai Municipal Commission of Commerce, during a Monday news conference.
This achievement was made possible through a series of measures aimed at promoting the high-quality development of the debut economy, said Ju.
As part of its goal to become a global consumption hub, Shanghai has introduced a series of measures. These included launching the "First in Shanghai" global product debut season, attracting more first stores to the city, and offering subsidies for debut products, shows, and exhibitions.
According to Zhu Min, director of the Shanghai Municipal Commission of Commerce, the policies aim to enhance the quality of Shanghai's debut economy and attract more enterprises and brands. The goal is to establish Shanghai as a globally influential hub for debut economies, as stated during the launching ceremony of the "First in Shanghai" global promotion earlier in April.
From May 2018 to December 2023, over 4,500 domestic and international brands launched debut activities in Shanghai, said Zhu. During the same period, approximately 5,840 first stores of various levels opened throughout the city, including more than 80 first stores in Asia or beyond.
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