Record sales at Nanjing Rd Pedestrian Mall stores

Ti Gong

Sales at Shanghai's Nanjing Road Pedestrian Mall have more than doubled since January due to a massive discount campaign.

On Friday, Shanghai New World reported a record single-day sales of 111.62 million yuan (US$15.6 million) on New Year's Eve, the highest in four years.

The multi-million yuan coupon event for the 2024 New Year holiday launched on "China's No. 1 Business Street" aims to reinvigorate "Shanghai Shopping."

Shanghai New World reported that over 80 percent of the first coupon round was used, boosting its retail and food and beverage categories.

Malls like Shanghai New World and New World Daimaru Department Store were packed on holiday, making the pedestrian street lively.

Locals and visitors drove up record sales at restaurants like Sunya Cantonese Restaurant.

Shao Wan Sheng, a 170-year-old Shanghai firm known for its liquor-infused delicacies, reported sales of 700,000 yuan each day during the three-day holiday, more than double the previous year.

The "Spend New Year with Nanjing Road" campaign, in its third year, has become a shopping district highlight.

The group reported that over 95 percent of coupons were used in previous campaigns, increasing merchant spending by 44 percent and customer spending by 37 percent.

E-commerce giant Alipay will start issuing mini-program coupons at 10am on January 17. They will comprise 10,000 500-yuan coupons priced at 350 yuan.

The vouchers can be used at over 40 Nanjing Road E. retailers and merchants, including department stores and established brands like Xing Hua Lou, Tai Kang Food, Shao Wan Sheng, and Sanyang Food Store.