Shanghai retail sales jump 22%
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Shanghai's retail sales jumped 22 percent during the five-day May Day holiday - the highest growth since 2005 - as more tourists visited the city for the World Expo and theme-based promotions saw consumers spending.
The city recorded combined sales of 4.1 billion yuan (US$601 million) at the 4,000 stores of 480 local large and medium retail businesses during the holiday from last Friday to Tuesday, the Shanghai Municipal Commission of Commerce said yesterday.
The 22 percent year-on-year growth was 7.9 percentage points higher than the May Day holiday last year.
Average daily sales at 826 million yuan were nearly five times the level in 2000.
Consumers were enticed to spend from as early as April 10, with various promotions that were combined with the 2010 World Expo which opened on Saturday in the city.
The Shanghai New World department store on Nanjing Road W., which offered half-price entry for Expo-ticket holders visiting Madame Tussauds Shanghai, boasted a daily traffic of more than 100,000 persons. The mall's sales rose 14 percent to 62 million yuan during the five-day holiday.
Some shoppers won about 200 commemorative gold bars of Shanghai World Expo through lucky draws in the Xujiahui commercial area. Consumers also bought 20 million yuan worth of licensed Expo souvenirs at the Expo site during the first three days of the holiday.
Gold and jewelry were the most-sought after products, with sales soaring 53.5 percent over the five-day holiday.
The Nextage Department Store in the Pudong New Area, Shanghai Outlets in suburban Qingpu District and Oriental Shopping Center in the Xujiahui commercial area were the top three shopping malls by sales of Bailian Group, China's biggest retailer. The Nextage generated sales of 107 million yuan.
Combined sales in Luwan District surged 19 percent from a year ago after the world's top brands, including Louis Vuitton, Coach and Ermenegildo Zegna, opened their flagship stores.
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