Taubman Asia joins hands with Wangfujing to launch world-class CityOn shopping center in Zhengzhou
ZHENGZHOU, – July 8, 2015– Taubman Asia, a subsidiary of leading U.S. mall Taubman Centers, and BeijingWangfujing Department Store (Group) Co., Ltd (Wangfujing Department Store), oneof China’s largest department store chains (Shanghai Stock Exchange: 600859), helda press conference today in Zhengzhou, Henan province, introducing theirjointly developed CityOn.Zhengzhou and sharing prospects of the consumptionpotential in China’s second-tier cities. Located in the heart of Zhengdong NewDistrict, Zhengzhou, and anchored by Wangfujing Department Store,CityOn.Zhengzhou features over 200 international and local top retailers withfood and beverage offerings.
With the CityOn brand asits foray into the China market, Taubman Asia, joining hands with WangfujingDepartment Store, positions CityOn malls as world-class one-stop regionalshopping centers. The name “CityOn” is a reflection of both Western and Chineselanguages and captures the spirit of a place of luxury and elegance that is‘On’, current and new. Effectively Shopping is On, Entertainment is On, Styleis On, it’s All On, at CityOn.
An established retailmarket, the growing market potential and improving demographic forecasts arekey criteria when locating in a shopping center. Zhengzhou’s economy has beengrowing quickly, creating a gigantic retail market characterized by greatconsumption potential. The gross retail sales in Zhengzhou increased at anaverage of 16% annually since 2008, making Zhengzhou one of the most dynamicand fastest-growing retail markets in China. The heart of Zhengdong NewDistrict, also known as the new economic and cultural center of the city, ishome to more than 50 Chinese Fortune 500 Companies and over 40 global Fortune500 companies’ regional/city headquarters. Consumers in Zhengzhou share similarconsumption power with those living in the first tier cities, with strongdemand for shopping center of first-class quality as well as renownedinternational brands. Meanwhile, the lack of high-quality retail outlets in thearea offers great opportunity.
CityOn.Zhengzhou is theoutcome of a fruitful collaboration between Taubman Asia and WangfujingDepartment Store. Taubman has been in the business of planning, developing,leasing, operating and managing shopping centers in the United States for decades,and has become synonymous with retail productivity and planning excellence. Thefirm pioneers innovations in shopping center planning that become standard inshopping centers around the world. Wangfujing Department Store, the leadingretail brand in China, is one of the largest retail companies that focus ondepartment store development.
“Taubman and Wangfujingshare the same philosophy and value. Partnering with Wangfujing allows us to leverageour proven track record and expertise in retailing, with their deeplyinsightful local expertise of the retail landscape.” Mr. Guohua Jean Zhang, ChinaManaging Director of Taubman Asia, noted, “Working alongside with Wangfujingalso means that our malls in China will have high quality anchor tenant, whichhelps add instant value to our malls. We look forward to working on moreprojects with Wangfujing in China.”
“We are glad to work withTaubman Asia who shares similar histories and development strategies with us.” Ms.Bing Liu, Chairwoman and Secretary of the Party Committee at Beijing WangfujingDepartment Store Group said, “We are both committed to bring in new shoppingexperience for local customers.”
A high-quality shoppingcenter serves not only as a remarkable consumption place, but a crucial part ofthe community, contributing to the development of local economy and improvementof people’s living standards. CityOn.Zhengzhou is expected to introduce manyquality fast fashion brands to Henan and Central China and to create approximately1,500 jobs for the local community.
CityOn.Zhengzhou willoffer a total gross floor area for retail of approximately 135,000 squaremeters. The interior design of the mall perfectly combines colors, layers andtextures, creating an interesting and intriguing atmosphere while nicelyshowcasing the tenant shop fronts. The natural light-filled lobby atrium providesan intimate and comfortable consuming experience.
About Taubman Asia
Established in 2005,Taubman Asia is a subsidiary of luxury U.S. mall developer and operator TaubmanCenters, Inc. (NYSE: TCO), a global leader in the shopping center industry.
Taubman is one of the mostrespected real estate brands in the world, and its portfolio of regional mallsin the U.S. has long set the standard for productivity and excellence.
Taubman Asia is theplatform for Taubman Centers’ exciting expansion into Asia, as it focuses ondelighting customers and building value through acquiring, developing, leasingand managing high-quality, sustainable retail real estate projects in theregion.
Taubman Asia is based inAdmiralty, Hong Kong; and has offices in Beijing, Shanghai, Xi’an and Zhengzhouin China, and Seoul in South Korea.
About Beijing Wangfujing Department Store (Group) Co., Ltd
Beijing WangfujingDepartment Store (Group) Co., Ltd is the largest retail group specializing indepartment store development in Mainland China. Wangfujing Department Store,whose predecessor, Beijing Department Store enjoyed the domestic and overseasreputation as the first store of new China, founded in 1955. The company waslisted on the Shanghai Securities Exchange in 1993.
The group currently operates 28 departmentstores across seven major economic zones in China. Most of the stores hold aleading position in their respective markets, The company headquarters issituated in Beijing.