A fairy tale impact
Updated: 2016-01-30 03:25
By Wu yiyao in Shanghai(China Daily USA)
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China's very own Disneyland will be open after more than six years of construction and preparation. PHOTOS PROVIDED TO CHINA DAILY |
Real estate professionals also believe that the opening of the resort will help boost retail consumption across the entire city. The Disney resort is expected to receive more than 10 million visitors in the first year, and the brand would as a result generate more than 45 billion yuan across all its businesses in the city, according to a report by commercial property services firm RET.
When 70 million people visited the Expo 2010 Shanghai China, the combined consumption exceeded 48 billion yuan, according to data from Shanghai's statistics bureau. The expenditure on dining alone was more than 2 billion yuan. Market insiders said that Shanghai Disney Resort's impact on the retail market may be even more obvious because the resort is a permanent facility that can attract visitors to stay in the city for longer periods.
Lu Wenxi, manager of Centaline Property Agency, estimated that for every 1 yuan spent on admission tickets to the Disney resort, another 8 yuan will be spent on dining, hotels and franchised products.
"Just consider the more than 10,000 employees who work in the resort and their day-to-day consumption in the neighborhood. The combined size is huge, and it will not only benefit the resort but the city as well," said Lu.
Siu Wing Chu, head of retail at Savills China, said that key retail hubs in Shanghai, including Yuyuan Garden, the Bund, Huaihai Road and Nanjing Road have all made adjustments to their branding in order to capitalize on the impending Disney craze.
"We have seen several franchised Disney product stores scattered around Shanghai and we believe that visitors to the Shanghai Disney Resort will also visit sightseeing locations such as the Bund, Nanjing Road and Yuyuan Garden area. We expect obvious growth in rental in these key locations," said Chu.
Analysts also add that the urban infrastructure in the Shanghai Disney Resort and its neighboring areas will further facilitate traffic, dining, accommodation and shopping, making consumption touch-points more easily accessible. Numerous department stores and shopping outlets are also under development around the resort as retailers aim to tap into the massive number of visitors.
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