Shanghai Plans Service and Consumption Sector Growth
Shanghai intends to upgrade major shopping districts and develop new consumption experiences to establish itself as a world-class consumption destination.
Shanghai is preparing to enhance its services and consumption sectors in the coming years. The city's plans include upgrading key shopping districts, improving the shopping experience for international visitors, and developing new forms of consumption, aiming to solidify Shanghai's position as a global consumption hub.
Mayor Zhu Zhongming outlined these plans at a press conference on October 11, following a meeting of the International Business Leaders' Advisory Council for the Mayor of Shanghai, which focused on innovation in the services sector. During the 15th Five-Year Plan period (2026-2030), Shanghai aims to continue attracting and developing a wide range of brands, refine policies supporting the opening of "first stores" and product launches, and make spending more convenient for inbound visitors.
Shanghai has already become a significant center for new store openings and product launches, with an average of over 1,000 first stores opening annually and more than 3,000 product and brand launches hosted each year. Future plans also involve developing consumption experiences that blend culture, shopping, tourism, sports, and exhibitions, as well as introducing more customized services and exploring emerging sectors like health management.
The proposed initiatives include the renovation of major shopping areas, such as East Nanjing Road and Middle Huaihai Road, the development of distinctive shopping zones and specialized commercial districts, and the promotion of leisure and nighttime consumption. Rob Speyer, CEO of Tishman Speyer and chair of this year's advisory council meeting, emphasized the growing importance of experience-based consumption and Shanghai's strong cultural foundation for developing the "experience economy."