Parking lots were full, cashiers were busy and shelves were
emptying as many revelers spent their first minute of the New Year
in the shopping spree that accelerated Shanghai's retail sales for
the holiday season.
Thanks to the new three-day holiday schedule which started on
December 30, many shoppers crowded stores and rushed for bargains,
lured by special deals and extended hours at major shopping
centers.
The city's retail sales - as generated by 345 large and medium
size retailers - made 1.92 billion yuan (US$263 million) over New
Year's Eve and the first day of 2008, an increase of 41.8 percent
from the previous year, the Shanghai Economic Commission said
yesterday.
Spending over New Year's Eve jumped 51 percent to 826 million
yuan and for New Year's Day grew 35 percent to 1.1 billion
yuan.
Chen Yuxian, an official with the commission, attributed the New
Year spending boom partly to the city celebrations including the
Xintiandi Countdown party, and a carnival on Nanjing Road.
The new holiday schedule not only marks a good start for major
retailers in Shanghai but also creates a new business
opportunity.
"The three-day holiday helps create a spurt in sales as it gives
people more leisure time to shop," said Chen.
Department stores and shopping centers helped greatly in the
boost to retail sales collecting 809 million yuan, a 54.9 percent
growth from a year earlier.
Hypermarkets, supermarkets and convenience stores were also
leading contributors to the consumption boom, with revenue up 19.3
percent to 581 million yuan.
Sales at specialty stores jumped 62 percent to 466 million yuan
while restaurant incomes also rose 24 percent to 41.45 million
yuan.
The Shanghai Nextage Department Store in Pudong ranked first for
sales among the city's department stores.
Its sales rose 60.2 percent to 216 million yuan after offering
300 yuan discounts for every single purchase over 500 yuan.
That was followed by the Shanghai Oriental Shopping Center in
the Xujiahui commercial district and the New World's Department
Store on Nanjing Road.
French retailer Carrefour SA said sales were improved over the
three-day holiday by promotions on food, home decorations and
electronics.
(Shanghai Daily January 3, 2008)
