Shanghai K11 Will Stage Grand Opening This Friday, Numerous International Brands Have Achieved Impressive Sales Results
Located in the prestigious Middle Huaihai Road area, Shanghai K11 Art Mall of K11 Concepts Limited, under New World Development Company Limited (the "Group"; Stock Code: 17.HK), will stage its grand opening this Friday (28 June 2013). Adrian Cheng, Executive Director and Joint General Manager of New World Group and Founder and Chairman of K11, will officiate at the grand opening ceremony.
Adrian Cheng said, "Shanghai K11 Art Mall is our brand's first art mall in the Mainland which merges art appreciation, experience of humanity and environmental consciousness, as well as shopping. Located in the bustling area of Shanghai, it boasts international brands, many of which have chosen the art mall as the location of their first flagship or concept store, which proves the success of the business model of K11. In the next few years, the K11 brand and its multi-cultural lifestyle zone will expand to 10 locations in the Mainland, namely Shenyang, Wuhan, Beijing, Guangzhou, Tianjin, Guiyang, Guanggu, Qingdao, Haikou and Ningbo, spanning more than 160,000 sq m, with a nice blend of commerce and art integrated spaces."
Shanghai K11 Art Mall is the tallest building on Huaihai Road. At 38,000 sq m in retail area and 70,000 sq m in office space, Shanghai K11 is 100% leased. With 120 tenants in total, 30% of which are in the food and beverage industry while the rest are mainly in the fashion and accessories industry, Shanghai K11 is an art mall that celebrates diversity.
Since its soft opening on 18 January 2013, Shanghai K11 has won the hearts of the cultural and fashion elite in Shanghai. The majority of Shanghai K11's customers are fashionistas with big spending power aged between 25 and 40 while mall traffic is close to 1 million footfall per month and continuing to grow. Numerous first-tier brands at Shanghai K11 have opened their doors to the public since late May and have achieved impressive sales results in just one month. The average daily sales rate of some of the brands is six-figure (RMB) while a few brands' demand even surpasses supply - one such brand needed to restock limited edition handbags from Paris which were sold exclusively at its Shanghai K11 boutique because they were all sold out. Also, the restaurants at the art mall are all packed every day, which shows that consumers have embraced K11's business philosophy of marrying art and commerce.
To build momentum for the grand opening this Friday (28 June 2013), Shanghai K11 has held a vast array of activities since the beginning of June, including art exhibitions and creative performances, which make the mall a unique art playground. This month also sees glamorous and creative K11 wagons weaving their way through the bustling city, uniquely dressed balloon girls posing for photos with visitors, magicians masquerading as customer service staff performing impromptu magic and the urban farm holding interactive activities, all of which have created an unexceptional shopping experience at Shanghai K11 for the public. The day of the grand opening will feature more fabulous activities and events which will bring visitors 11 hours of non-stop happiness and art.
New World Development Company Limited
New World Development Company Limited ("The Group"; Stock Code: 17.HK) is a leading conglomerate based in Hong Kong. The Group was founded in 1970 and publicly listed in Hong Kong in 1972. It is a constituent stock of the Hang Seng Index with a total asset value of HK$311 billion as at 31 December 2012.
For more than four decades, the Group has expanded from a single focus on the property business to four core areas: property, infrastructure, services and department store. As at 31 December 2012, the Group has an effective interest of approximately 61% in NWS Holdings Limited (Stock Code: 659.HK), approximately 69.8% in New World China Land Limited (Stock Code: 917.HK) and approximately 72.3% in New World Department Store China Limited (Stock Code: 825.HK).