CHINA. In landmark news, Wangfujing Group has been granted official approval to open its first Hainan offshore duty free store. The approval, in line with the construction of the Hainan Free Trade Port, will see Wangfujing Duty Free open a flagship store in the city of Wanning next January.
“As the first offshore duty free flagship store of Wangfujing Group, it will reflect the group’s retail industry experience of more than 60 years and deeply integrate with the local characteristics of Wanning as an emerging tourism hotspot, to create a unique offshore duty free travel retail presence in Hainan,” the company said.
Wangfujing Group pledged to create a ‘tourism + shopping’ duty free platform by combining its retail offerings with Wanning’s cultural and tourism features. Leveraging years of retail experience in the Mainland China market, Wangfujing plans to create strategic relationships with brands across multiple categories to drive a successful duty free business.
{Click on the YouTube icon to view a promotional video of the new store. Chinese readers can view the video by clicking here.}
In June this year, as reported, Wangfujing Group acquired Hainan Outlets Tourism Development Co Ltd. (developer and operator of Wanning Capital Outlets), paving the way for the opening of the group’s first offshore duty free store.
The project, embracing a total construction area of 102,500sq m, is located at Wanning’s Liji Town, right off the Hainan Island Ring Expressway. The location is just a 15-minute drive from popular holiday destinations Shimei Bay, Riyue Bay, Nanyan Bay and Shenzhou Peninsula, and a 30-minute high-speed train journey from Haikou and Sanya. Wanning, situated in the southeast of Hainan Island, is 112 kilometers away from Sanya and 139 kilometers away from Haikou.
Wangfujing Group said its debut Hainan offshore duty free shop will include a wide selection of high-quality duty free products (across all categories) and retail brands, bolstered by a variety of dining and entertainment venues.
The group plans to bring together its large member base and Hainan’s rich tourism resources, integrate online and offline commerce, and create a business model that combines duty free and duty paid retail. “Wangfujing will provide consumers with a comfortable, convenient and fun-filled experience of duty free shopping in Hainan,” the company said.
{Click on the YouTube icon to view Wangfujing Group’s promotional video from the 2021 Virtual Travel Retail Expo}
Beijing-based Wangfujing Group is China’s oldest department store group and one of the country’s most renowned retailers. As reported, it was granted a duty free licence in June 2020.
In July 2020 it created a wholly owned subsidiary duty free company, Beijing Wangfujing Duty Free Management Co Ltd (Wangfujing Duty Free), with registered capital of RMB500 million (US$72 million).
Wangfujing Duty Free will be profiled in the next edition of The Moodie Davitt China Travel Retail Report, our new quarterly eZine launched in July. Click on the image to read the bi-lingual title. The next edition will be published in November. Please email Kristyn@MoodieDavittReport.com for a free first year subscription. For editorial details please contact Martin Moodie at Martin@MoodieDavittReport.com. For advertising enquiries please email Irene Revilla at Irene@MoodieDavittReport.com
