The Chinese economy continues to decline, and domestic consumption remains weak. Recently, the well-known Meilongzhen Plaza in Shanghai announced on its WeChat public account that all businesses and tenants, except the U.S. Consulate General in Shanghai, will close from August 1st. After 26 years, Meilongzhen Plaza, including the mall, office building, and underground parking lot, will shut down. According to incomplete statistics, 6,882 stores across China closed in the first half of this year, involving over 100 companies.
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Top Shanghai Mall Shuts Down, Only U.S. Consulate Remains; 7,000 Store Closures in China in 6 Months
