Shenzhen's first-store economy continues to thrive, with 165 new first stores opening in the third quarter of 2024, a 13% year-on-year increase and the highest quarterly total since 2018.
The first-store economy refers to new store openings — especially initial or flagship locations — by global or trendy brands within a defined geographic market. It serves as a barometer of the local business environment and spending power.
According to statistics from Winshang.com, a leading marketing platform in the retail commerce sector, by the end of September, Shenzhen had welcomed 336 new first stores this year, a 26% increase compared to 2023. Many of these stores have introduced innovative experiences to local customers, bringing fresh energy to the city's retail sector, a Shenzhen Special Zone Daily report said yesterday.
The new first stores were predominantly in the catering, retail, life services, cultural, sports, and entertainment sectors. Among those opened in the first nine months, 22 were the first in the country, representing 13% of the total. Fifty-eight of them, or 35%, were the first in South China, and 52%, or 85 stores, were the first in the city.
Shenzhen has become the first stop for more and more international brands entering the South China market. Data shows that in the first three quarters of this year, Shenzhen has seen the opening of 69 first stores by international brands. In the third quarter alone, brands from 14 countries opened 35 first stores. These international first stores are mainly concentrated in categories such as clothing and fashion, with high-end and luxury brands accounting for 80%.
The Futian CBD remained the most popular area for first stores. Shenzhen High-tech Industrial Park in Nanshan District came in second.
In recent years, Shenzhen has implemented a series of initiatives aimed at positioning the city as a premier destination for high-end brands targeting the local market.
Data from Winshang.com reveals that since 2022, Shenzhen has seen over 1,000 new first stores open, placing it second only to Shanghai among China's four top-tier cities — Beijing, Shanghai, Guangzhou, and Shenzhen.