• Sunday, October 11, 2015

Shanghai Disneyland to feature luxury retail neighbor

Xinhua 2014-03-26 08:56 (GMT+8)
An illustration provided by Disney Parks shows an artist's rendering of the Disney castle. (Photo/Disney Parks)

An illustration provided by Disney Parks shows an artist's rendering of the Disney castle. (Photo/Disney Parks)

The Shanghai resort that houses the first Disneyland on the Chinese mainland will add a luxury shopping compound next to the theme park, the resort's operator said on Monday.

Shanghai Shendi Group, operator of the Shanghai International Tourism and Resort Zone, on Monday announced a joint venture with retail outlet developer Value Retail to build a luxury shopping compound next to the Shanghai Disney Resort.

Value Retail's chairman Scott Malkin said the shopping compound, called Shanghai Village, will be "the most important tourism outlet shopping location in Asia."

Covering 50,000 square meters, the compound will boast a number of international and Asian brand stores as well as restaurants and cafes and is expected to open in autumn 2015, according to Value Retail.

The developer previously opened a similar shopping outlet next to the Disneyland in Paris, France, and is set to open its first shopping compound in China in May, in the tourist city of Suzhou in eastern China's Jiangsu province.

Fan Xiping, chairman of the Shanghai Shendi Group, said the shopping compound will be the zone's second iconic project after Shanghai Disneyland.

The group said it is pinning high hopes on the shopping compound to generate tourism and retail sales.

Neither the group nor Disney has provided an estimate of the number of people who will visit the park or the revenues these visitors are expected to generate, however, Shendi said the 2010 Shanghai World Expo, another event that brought a large number of visitors from home and abroad, hinted at how the joint venture will boost retail sales in the resort.

The expo attracted 70 million visitors and contributed 4.5 billion yuan (US$730 million) in retail sales in six months.

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Jiang Chaoliang (蔣超良)

Jiang Chaoliang is chairman of Agricultural Bank of China Born: 1957 Birthplace: Qingjian county, Hunan province Country of Citizenship: China Profession: Economist Education: ...