Beijing attracts over 3,700 first stores over past 3 years

BEIJING, July 25 (Xinhua) -- Over the past three years, more than 3,700 first stores of various brands have opened in Beijing, the municipal commerce bureau told a press conference on Thursday.

"First store" refers to the very first stores of brands or companies in the global, Asian, or Chinese mainland markets.

In July 2021, China approved Shanghai, Beijing, Guangzhou, Tianjin and Chongqing to take the lead in building international consumption center cities.

Over the last three years, Beijing has actively promoted the "first-store economy," with over 4 million square meters of new commercial areas for such first stores added, according to Piao Xuedong, head of the municipal commerce bureau.

During this period, Beijing has ranked first in the country in urban competitiveness, the total number of Fortune 500 companies, the added value of the service sector, the number of departure tax refund stores and the number of cities accessible via direct flights, Piao said.

A total of 26 multinational companies in the consumer sector, including Starbucks and the high-end department store Galeries Lafayette, have set up their regional headquarters in Beijing. The city has also seen the establishment of China's first demonstration zone for payment services targeting foreign visitors.

Going forward, Beijing will accelerate the development of its comparative advantage in commodity consumption, focus on strengthening new types of consumption and attract more well-known brands to open their first stores in the city, according to Piao.