New holiday schedule offers new business opportunity

The New Year's three-day holiday, started on Dec. 30, had greatly accelerated Shanghai's retail sales, reported by Shanghai Daily.

The total retail sales of 345 large and medium-sized retailers in the city hit RMB 1.92 billion (US$ 263 million) over the New Year's Eve and the New Year's Day, up 41.8% year-on-year, according to Shanghai Economic Commission. The sales on the New Year's Eve reached RMB 826 million, up 51%, and the sales on the following day reached RMB 1.1 billion, up 35%.

The department stores and the shopping centers contributed significantly to the boom of the spending, with the retail sales hitting at RMB 809 million, up 54.9% year-on-year. Besides, the hypermarkets, supermarkets and the convenient stores achieved revenue of RMB 581 million, up 19.3%. Sales at specialty stores climbed 62% to RMB 466 million, while earnings of the restaurant jumped 24% to RMB 41.45 million.

Among Shanghai's department stores, the Shanghai Nextage Department Store in Pudong took the leading in terms of sales volume. The new holiday schedule is not only a good start for the primary retailers in Shanghai, but also brings new business opportunities.