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China: Shanghai's summer consumption campaign re-energizes city's commercial property sector

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Storyline: Shanghai's summer consumption campaign re-energizes city's commercial property sector [Voice_over] With exquisite collective jewelry on show…this exhibition is the first of its kind in Asia — and the second stop after its debut in New Zealand. And this renowned British fashion brand has chosen Shanghai as its first stop in China. [Sound_bite] Carlo D'Amario, CEO of Vivienne Westwood: "Shanghai is one of the most important fashion towns in China. Our customer is very young. And China is full of that." [Voice_over] This is part of Shanghai’s summer international consumption season activities. At this shopping mall in Shanghai’s Pudong New Area, over 100 activities, including pop-up stores and entertainment performances, have been launched since the beginning of the season. [Stand_up] Chen Tong, Reporter: "Today is a working day, so we are not seeing so many shoppers at the current moment. But since Shanghai's summer consumption promotion season started this July, consumer flow at this shopping mall has seen an obvious increase." [Sound_bite] Joanna Ku, General Manager of Taikoo Li Qiantan: "Apart from the RED (Xiaohongshu) and the original social channels within China, we are also introducing ourselves in the social platforms such as Instagram. For the last few weeks, we do see approximately a 20 percent up on the traffic and also a very significant growth in the sales." [Voice_over] These activities have helped the city’s commercial property sector, which has been somewhat sluggish due to the economic slowdown. According to data from property consultant Cushman and Wakefield, Shanghai’s average occupancy rate in its key commercial areas reached over 94 per cent in the second quarter of this year, similar to the level seen last year. [Sound_bite] Kelvin Li, Managing Director, East China, Cushman and Wakefield: "We're seeing a shift in format. Retail is becoming more experiential. In fact, seasonal data shows 62 percent of spending now goes to experiences - the highest we've ever seen." [Voice_over] It’s estimated that 29 new commercial complexes will be opened in Shanghai in the second half of the year, with a total area of 2 million square meters, providing new space for various activities to be held. [Restrictions : No access Chinese mainland]

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