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First Store Economy | Follow James

By James Alexander, Xingchen YueICHONGQING|Apr 16,2022

Chongqing– Did you know that Chongqing is offering financial incentives of up to one million yuan to famous brands who establish their first store in Asia, China, Southwest China, or the city of Chongqing?

That’s right! In the course of building Chongqing into an international consumption center, Chongqing is putting its money where its mouth is. However, what exactly is the “first store economy,” a notion first applied back in 2018 by Shanghai.

Following the example set by Shanghai, Chongqing released a series of policies in 2019 that would allow consumers to experience top-name world brands right in the city. Van Cleef & Arpels, the French clothing brand AMI, and the popular Korean brand Gentle Monster followed suit as they settled in Chongqing. Last year alone, Chongqing enticed 203 companies to open their first store.

The establishment of branded first stores in Chongqing naturally reflects the high esteem that big-name companies hold towards the city’s urban development and economic strength. As the number of first stores continues to increase and top brands cluster ever more, consumer experience will only attain greater heights.

Do you now feel an impulse to go out shopping? In Chongqing, you will never leave disappointed.

(Gao Xianyue and Tu Yuting, as interns, also contributed to this report)

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