DEBUT ECONOMY: NEW PRODUCTS, STORE LAUNCHES
New services, product launches, the opening of flagship stores – Chinese shoppers’ appetite for new things and trends powers what policymakers call the debut economy model.
“Its success can be tracked through the number of flagship store openings, product launches, industry exhibitions and landmark innovations like the rise of Hangzhou’s ‘Six Little Dragons’,” said Prof Wang, referring to a coalition of tech start-ups, including Deepseek whose AI chatbot roiled Silicon Valley companies earlier this year, that transformed the historic city into a creative innovation hub.
In December, a new commercial plaza opened to much fare in Guangzhou as part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – featuring more than 80 stores – flagship, concept – spanning across luxury retail, fine dining, and experiential offerings.
The Canton Tower Plaza achieved an occupancy rate of over 95 per cent by the end of last year, Project Manager Jiang Nan told local media earlier in March.
The plaza also drew 310,000 visitors on opening day and over 800,000 in the first three days, generating more than 12 million yuan in sales. Daily foot traffic typically ranges from 40,000 to 60,000 visitors, rising to 80,000 to 100,000 during holidays, and peaking at nearly 280,000 on occasions like New Year’s Eve.
“In the consumer sector, it is actually supply that determines demand,” Wang said. “The debut economy (model) requires further enhancement of the supply-side innovation ecosystem, particularly in terms of financial support, venture capital, and patient capital.”
Shenzhen Tonghe Indoor Ecological Technology, an environmental and social-focused startup, is preparing to open its first physical office space in Shenzhen within the next two years. combining research and experiential functions to refine its smart ecosystem.
General manager Li Hechen says the company sees the debut economy model as a key catalyst driving China’s evolving retail landscape. “It meets diverse consumer demands, unlocks new spending potential and (has become) a new driver of consumption growth,” Li told CNA.
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