SHENZHEN witnessed the opening of 427 international and domestic first stores in 2023, an increase of 33% compared to the previous year. This is also the fourth consecutive year that the number of first stores in Shenzhen has achieved double-digit growth, Shenzhen Special Zone Daily reported.

First stores refer to the inaugural stores opened by foreign and domestic businesses in Shenzhen, South China, or China.

Data show that Shenzhen recorded the opening of 74 first stores in China, 122 first stores in South China, and 222 first stores in Shenzhen last year. The number of first stores in South China increased by 38% year on year, underscoring Shenzhen’s burgeoning status as a preferred destination for brands seeking to expand into the South China market.

In 2023, Shenzhen attracted a total of 102 international brands to open first stores in the city, up 9.6% year on year. These brands are mainly from Italy, France, the U.K., Switzerland, Germany, the U.S., and South Korea.

Italian brands led the pack with the opening of 21 first stores in Shenzhen, mainly in high-end jewelry, clothing retail, and beauty products. American brands were in close pursuit with the opening of 19 first stores, primarily in home goods, bags, footwear, and sports. French brands opened 16 first stores, with a strong emphasis on boutique retail and fashion apparel.

In terms of location, Futian District took the top spot with 136 first stores. Nanshan District came in second with 95, followed by Bao’an with 81, Luohu with 68, and Longhua with 29.

High-end shopping malls emerged as the preferred locations for first stores, with 66 such malls attracting 372 first stores.

Shenzhen saw the launch of 202 dining first stores and 172 retail first stores, accounting for 47.3% and 40.4% of all inaugural stores opened last year, respectively.

(Wang Jingli)