It turns out Beijing is the top retail destination in mainland China, beating out Shanghai.
According to a recent report from U.S. real estate consulting firm CB Richard Ellis, Hong Kong was the largest retail market in Asia, followed by Beijing, Tokyo and Shanghai. The four were all included in the world’s top 10.
This was the first time Beijing made the list, which was based on the level of attractiveness of luxury goods, garment and footwear sectors in the cities. This is a sign of China’s ability to attract leading retailers, competing with U.S. and Europe. In fact, China replaced U.S. as the world’s second largest market for luxury goods in 2009, according to the Chinese Academy of Social Sciences.
During the first half of 2010, 301 foreign retailers were approved to set up stores in Beijing, up 51.3% year-over-year, according to the Beijing Municipal Commission of Commerce. Its website also shows Beijing houses more than 90% of the world’s A-list brands.
As the world’s rising economic power, China is a market that no global retailers could ignore. Luxury retailers, for example, have all been accelerating their expansion in the country, hoping to get a share of the growing wealthy local consumers. Italian fashion house Giorgio Armani SpA, for example, has 66 stores in China currenlty, with five more to open soon in Hong Kong, Shanghai, Beijing, Hangzhou and Macao.