First-store economy thrives in Ningbo

A view of Ningbo, Zhejiang province. [Photo/cnnb.com.cn]

A collective of 168 brands opened their inaugural stores in Ningbo, Zhejiang province, in the first three quarters of this year, as per preliminary data released by the Ningbo Municipal Bureau of Commerce.

Among the 168 new establishments, 5 stand out as the first stores in China, 19 mark fresh entries in Zhejiang, and 144 represent the first presence in Ningbo.

The food and beverage industry, in conjunction with retail, continues to spearhead the market, constituting over 90 percent of the newly established stores during the nine-month period.

Key commercial zones remain as coveted hubs for brands aiming to tap into Ningbo's consumer market. Notably, Hankyu Department Store in Ningbo has been particularly proactive in facilitating the integration of inaugural stores, with projections indicating a potential tally of nearly 130 by the year's end.