The new Haitang Bay shopping center, the world’s largest duty-free mall. (Xinhua)
It’s the moment China’s price-savvy shoppers have all been waiting for: the world’s largest duty-free mall is now officially open for business.
With all the requisite pomp and circumstance, China Duty Free (CDF) celebrated the grand opening of its massive 72,000-square-meter Haitang Bay shopping center today in the sunny island province of Hainan. A few of the 300 brands available in the tariff-free haven include Burberry, Chanel, and Dior, while some such as Louis Vuitton and Prada are waiting for the Spring Festival travel period before they open.
Xinhua states that the mall is replacing a smaller duty-free center in downtown Sanya that was opened thanks to Hainan’s pilot program started three years ago. It also offers the following details:
This new, highly anticipated shopping center is part of a bid to keep traveling Chinese shoppers on the mainland as a growing number head abroad to avoid high tariffs on luxury goods and China’s luxury market slows. While unlikely to have an effect on brands catering exclusively to China’s ultra-rich global jet-setters, this new facility is set to appeal to China’s growing and price-conscious group of middle-class consumers. Their rising spending power and interest in affordable luxury products have also led to the growth of luxury outlet malls and secondhand luxury shopping in China.
Look below for some more photos of the big event:
Shoppers visit the shops of top luxury brands on the Haitang Bay center’s opening day. (Xinhua)
The exterior of the new Hainan duty-free mall. (Xinhua)