Chongqing-Chongqing ranked third in the 2022 Forbes China Consumption Vitality City List, after Beijing and Shanghai, according to the 2022 Forbes China Urban Consumption Development Forum on July 23 during the Fourth Western China International Fair for Investment and Trade (WCIFIT).
As an international enterprise, Forbes China has long focused on Chinese cities’ business environment and development dynamics. This year, Forbes China highlights the city’s performance in the consumer sector. It conducts the list based on five indicators of consumer activity, business maturity, policy support, transportation convenience, and international recognition.
With the theme of “New Vitality of Consumption, New Dynamics of Cities,” the forum invited elites from industries to share their insights on consumption and urban development, including international high-end consumer brands and enterprises from different urban conglomerations.
“Chongqing is the city with the largest resident population in China,” said Chen Fengfeng, editor-in-chief of Forbes China. She pointed out the international consumption center’s significant role in Chongqing’s development. Last year, Chongqing took the lead in cultivating the international consumption center with a series of initiatives to enhance the consumption level comprehensively.
“Consumption center city has a strong consumption ability, where its leading and driving roles are both for the domestic and the world,” said Sherman Lee, Chairman and Chief Executive Officer (CEO) of Forbes China Group. “This is also the hope of Forbes China Group to achieve the same vision, based on China, connecting the world.”
As the mother city of Chongqing, Yuzhong District has unique advantages in building the international consumption center. Yuzhong District has become the window of Chongqing to the world by gathering multinational companies, foreign institutions, and international businesses.
With the tertiary sector accounting for more than 90%, Yuzhong District is a large service district, strong commercial and trade district, and headquarters based in Chongqing. Meanwhile, Yuzhong District brings together 270 internationally renowned brands, with the first store and the first brand accounting for about 1/3 of the city, forming a diversified consumer ecology.
Chongqing has built several new consumption landmarks to build the international consumption center. Chongqing 100 is one clear example where the French department store chain Galeries Lafayette aims to open its first boutique concept shop, entering into the expanding southwest Chinese market.
Lawrance Shum, CEO of Galeries Lafayette China, talked about the changes and attempts of French department stores in the new situation at the forum. “Lafayette Group has always been committed to our stores evoking emotions and making culture more accessible to people,” he said.
In 2013, Galeries Lafayette opened its first Chinese store in Beijing with a mission to offer consumers a unique selection of brands and products. By 2025, Galeries Lafayette will open ten stores in China.
“Compared to other high-end clients, Galeries Lafayette combines French brands and Chinese designer brands to meet the different needs of consumers with an integrated brand strategy,” he said. “We ultimately want to help Chinese brands go abroad, and French brands come in with a double vision.”
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