This plaza’s emptiness is surprising given its location near the bustling Maoming North Road pedestrian street and opposite the famous Wangjia Sha. Hengchi Automobile’s flagship showroom used to occupy this space. Some Hengchi logos are still on the walls. Hengchi, is an electric vehicle brand under the Evergrande Group. Evergrande chairman Xu Jiayin had high hopes for it. However, due to Evergrande’s debt issues and delays in Hengchi’s mass production, the market outlook is bleak. Questions arise as to why such a prime location remains unoccupied.
The closure of Shanghai’s department stores has sparked concerns about economic decline in the Chinese metropolis. On February 5, 2024, Shanghai’s classic department store, Shanghai 600, established in 1952, announced its closure. Netizens lament the changes in Shanghai’s retail landscape. Shanghai 600 is closing, Pacific Department Store is already shuttered, and Plaza 66 and Oriental Department Store aren’t what they used to be. After the pandemic, many shops have noticeably ceased operations, and the nostalgic bustle of historic Xujiahui is no more.
#chinaobserver
All rights reserved.
Great Depression in Beijing and Shanghai, 10 Veteran Department Stores Close in Just Over 3 Months
