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Q3 2012 shanghai retail market report


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  • 1. Q3 2012 RESEARCH & FORECAST REPORT SHANGHAI RETAIL MARKET 零售物业市场 HIGHLIGHTS 报告要点 Shanghai’s retail market saw slower sales growth 2012年上半年,上海零售市场整体增速放缓。社 during the first half of 2012. By the end of June, the 会消费品零售总额的增幅下降至9.4%,低于预期 growth of retail sales of consumer goods had slowed to 计划。久光百货和百联集团旗下的百货公司都在其 9.4 percent year on year, less than had previously been 半年报中反映出销售额和整体客流的下降趋势。然 expected. Both City Plaza and the Bailian Group’s 而,随着十一假期的临近和一批大型零售项目在第 department stores reported a decline in sales and 四季度的入市,这个情况可能会在年末有所改善。 customer flow in their interim results. However, with the forthcoming October holidays and the launch of several large-scale retail developments in the fourth quarter, the situation may yet improve as the year comes to a close. Grand openings of new malls One Prime and Agile 第三季度,壹丰广场和雅居乐国际广场的盛大开One Prime 壹丰广场 International Plaza in the third quarter added 49,997 业为上海零售市场带来了49,997平方米的新增供 square meters of new supply to Shanghai’s retail market. 应量。虽然如此,市场需求仍然强健,整体市场Market Indicators Despite this new supply, demand remained robust and 的空置率和首层商铺的平均租金仍与上季度持平。市场指标 both the vacancy rate and the average rental rates for 2012 Q3 Review 2012 Q4 Outlook ground floor space across the market remained 2012年三季度回顾 2012年四季度展望 unchanged from the previous quarter. The traditional department store sector continued to 一些老牌百货商场在第三季度仍面临着严峻的考 Supply face a tough retailing environment in the third quarter as 验。零售业态的局限性、相对较小的体量和过时 供应 the limited retail format, relatively small scale and 的定位使其业绩表现欠佳,因此一些百货商场选 Vacancy Rate outdated positioning at some of these locations caused 择了闭门调整。上季度第一百货淮海店就是典型 空置率 them to underperform. A number of such projects have 的例子,本季度四川北路上的春天百货也跟着歇 responded by closing for upgrades and renovation. An 业整顿。 Rental example of this in the previous quarter was the closure 租金 (for renovation) of Huaihai Road’s Shanghai No.1 Department Store, a trend which continued into the third quarter with the closure (for renovation) of North Sichuan Road’s Shanghai Springtime Department Store. Huaihai Road’s Novel Department Store announced 淮海路上的老牌百货“二百永新”也宣布明年初 that it would close in early 2013. The 10,000 square 将关门歇业。这10,000平方米的零售空间由优衣 meter retail space will be replaced by clothing retailer 库取而代之,计划明年秋季入驻,成为其中国最 Uniqlo in autumn 2013, making it Uniqlo’s largest 大的全球旗舰店。 global flagship store in China. In Hongqiao, there has been a major transition in 近几个月,虹桥地区迎来一个较大的转变。两种定 recent months. Two new commercial zones are 位不同的商业带逐步展现。一个是以尚嘉中心、虹 beginning to emerge: a high-end area around L’Avenue, 桥城和升级后的虹桥友谊商城形成的高端商业带; ‘The HQ’ and the upgraded Hongqiao Friendship 而天山路的汇金百货、百盛虹桥店和虹桥天都则将 Store; and a mid-market area on Tianshan Road, 构建成另一个定位中档亲民的商业带。 centered around the Huijin Department Store, Parkson Hongqiao store and the nearby Hongqiao Tiandu.MACROECONOMIC REVIEW 宏观经济回顾Despite slowing after almost two decades of rapid growth, Shanghai’s economy 尽管上海经济在经历近20年的高速发展后增幅有所放缓,2012年上半年地still enjoyed a GDP year-on-year growth rate of 7.2 percent in the first half of 区生产总值仍比去年同期增长7.2%至人民币9,552.2亿元。其中服务产业占2012, to stand at RMB 955.22 billion for the six months ended June 2012. Of this, 总产量的60.4%。the service sector accounted for 60.4 percent of total output.Disposable income for the city’s urban residents continued to grow, driving 城镇居民人均可支配收入的持续增长拉动了居民对生活消费品需求的增长。increased demand for consumer goods. According to the Shanghai Statistics 据上海统计局的数据显示,2012年上半年城镇居民人均可支配收入同比增长Bureau, urban per capita disposable income in the first half of 2012 rose 12.5 12.5%至人民币20,689元。同期,社会消费品零售总额达人民币3,563.5元,percent over the previous year to RMB 20,689. During the same period, retail sales 比上年同期增长9.4%。of consumer goods reached RMB 356.35 billion, a 9.4 percent increase over 2011.文中所定义优质零售物业,意即购物中心,既包括通常所称的摩尔式购物中心,街区式购物中心,也包括建筑面积在10,000平方米或以上,拥有餐饮、零售及娱乐等多种业态的集中式购物场所,但未包括传统的百货商店。本报告以核心、内环及次中心商业区对上海零售商业商圈作分析。其中核心商圈包括南京路、淮海路、徐家汇、陆家嘴(包括新上海商业城)商圈;内环商圈包括内环以内除核心商圈外区域,另包括虹桥商圈;次中心商圈指中环以内,近年来新出现商业区,如大宁及五角场等。租金的计算一般基于实用面积的基础上,除了个别情况会另加阐述。For the purposes of this report, ‘prime retail properties’ refers to shopping centers, including shopping malls, shopping podiums and all retail complexes with F&B, retailing andentertainment facilities having a gross floor area of 10,000 square meters or above, but excluding department stores. The citys various retailing catchments are dividedfor analysis into prime, inner-ring and decentralized areas. ‘Prime areas’ refers to East and West Nanjing Road, Huaihai Road, Xujiahui, and Lujiazui (including the NewYaohan area). ‘Inner-ring areas’ refers to retailing catchments within and along the inner-ring road as well as Hongqiao. ‘Decentralized areas’ refers to the emergingsatellite commercial hubs such as Daning and Wujiaochang which are developing within the middle-ring road area but outside theinner-ring road. Rentals are quoted ona net area basis unless stated to the contrary.
  • 2. SHANGHAI | Q3 2012 | RETAILAccording to Shanghai’s “Commercial 12th Five Year Plan”, annual retail sales 根据《上海商业“十二五”发展规划》,上海社会消费品零售总额增幅年growth targets 13 percent. A slowing national economy put pressure on 均值为13%。上海经济增速的放缓同样给零售市场带来了压力,上半年的Shanghai’s retail market, and the first half year performance looked insufficient 涨幅显然没有达到预期计划。同时,久光百货和百联集团下一些上海的百to hit that target. Both City Plaza and the Bailian Group’s Shanghai department 货公司都在其半年报中反映出销售额和整体客流的下降趋势。stores reported declines in both sales and customer flow in their interim results.In August, Shanghai’s consumer price index rose 2.2 percent from a year earlier, 8月份,本市居民消费价格总水平比去年同期上升2.2%,略高于全国总水slightly higher than national levels. Shanghai residents’ relatively high income 平。上海居民的收入水平相对较高,购物意愿相对较强,对物价水平也构levels lead to strong purchasing intent, and contributed to this growth. 成一定的影响。 Figure 1 Retail Sales of Consumer Goods and Growth Rate Figure 2 Shanghai Urban Per Capita Disposable Income and Consumption Expenditure Growth Rate 图1 社会消费品零售总额和增长率 图2 上海城镇居民人均可支配收入及消费支出增长率 Total Retail Sales of Consumer Goods (LHS) Per Capita Disposable Income Growth Rate RMB Billion Retail Sales Growth Rate (RHS) Per Capita Consumption Growth Rate 800 20% 20% 16% 600 15% 12% 400 10% 8% 200 5% 4% 0 0% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012 Source: Shanghai Statistics Bureau Source: Shanghai Statistics Bureau 数据来源:上海统计局 数据来源:上海统计局SUPPLY, DEMAND AND VACANCY RATE 供应,需求及空置率The openings of two major retail projects in the third quarter of 2012 released an 2012年第三季度开业的两个主要项目为上海零售市场新增了49,997平方米additional 49,997 square meters to Shanghai’s overall market. The openings were 的供应量。新项目分布于核心商圈和内环商圈,分别是坐落于南京东路商divided between the prime and inner-ring areas, and included the launches of the 圈的雅居乐国际广场和四川北路商圈的壹丰广场。retail component of Agile International Plaza in East Nanjing Road commercialcircle and the retail podium of One Prime in North Sichuan Road area.The retail podium of One Prime opened at the intersection of Wujin Road and 坐落于武进路四川北路的壹丰广场商业裙楼的开业为市场新增了约27,997平North Sichuan Road, adding around 27,997 square meters of retail space to the 方米的零售供应量。由AM Alpha集团出资打造的壹丰广场,有超过150家国market. The project is invested and managed by the AM Alpha Group, and has 内外著名品牌进驻,包括Longchamp、Enzo、Godiva和Prolivon。商场还与attracted more than 150 well-known international and domestic brands including 地铁10号线四川北路站直接连通。Longchamp, Enzo, Godiva and Prolivon. One Prime benefits from a directconnection with Metro Line 10’s North Sichuan Road station.The other noteworthy opening this quarter, Agile International Plaza, is situated 另一个新项目是临近上海市中心人民广场的雅居乐国际广场,零售总面积in close proximity to People’s Square, in the center of downtown Shanghai. This 约22,000平方米,共四层,是雅居乐地产在上海的首个商业项目。地处西four-floor high quality development has a total area of approximately 22,000 藏中路凤阳路,紧靠第一百货商店及新世界城。项目致力于打造成一个中square meters and is Agile Property’s first commercial project in Shanghai. 端的生活购物中心,已成功引进了天梭、西铁城和名家时间等著名品牌。Located at the junction of Middle Xizang Road and Fengyang Road, and adjacentto No.1 Department Store and New World City, Agile International Plaza haspositioned itself as a mid-market lifestyle shopping center, and has attractedwell-known brands such as Tissot, Citizen and Designer Times.Following the closure for repositioning of Shanghai No.1 Department Store on 继二季度第一百货淮海店歇业后,又一家老牌百货,位于四川北路上的春Huaihai Road in the second quarter, another traditional format department store 天百货也于7月底关门整顿。约8,000平方米的商场将转型经营进口商品。on North Sichuan Road, Shanghai Springtime Department Store, closed forrenovation at the end of July. Approximately 8,000 square meters of this isplanned to showcase imported commodities.Huaihai Road’s Novel Department Store announced that it would close in early 淮海路上的老牌百货“二百永新”也宣布明年初将关门歇业。这10,000平2013. The 10,000 square meter retail space will be replaced by clothing retailer 方米的零售空间由优衣库取而代之,计划明年秋季入驻,成为其中国最大Uniqlo in autumn 2013, making it Uniqlo’s largest global flagship store in China. 的全球旗舰店。In August, the Hongqiao Parkson Department Store in Changning District closed 8月,位于长宁区的虹桥百盛因租约到期而搬离虹桥上海城。附近的百盛天their doors after its lease contract with City Center expired. Parkson renamed a 山店则更名为百盛虹桥店。而上海城则将进行88,020平方米的扩建项目,nearby location (its Tianshan store) as Parkson Hongqiao. Following their exit, 之后将变身体量达100,000平方米的大型购物中心“虹桥城”。预计将于plans for City Center call for expansion of the mall by approximately 88,020 square 2014年底对外开业。meters and the launch of around 100,000 square meters of shopping center named‘The HQ’ which is currently scheduled to open at the end of 2014.On West Nanjing Road, Plaza 66’s rolling upgrade of both facade and brands 位于南京西路的恒隆广场为了配合不断升级的商圈扩容规划,继续对自己continues, in line with the government’s intent to upgrade the West Nanjing Road 的外立面和品牌进行了全面升级。法国奢侈品牌路易威登于7月将其恒隆广commercial area. In July, French luxury brand Louis Vuitton re-launched its 场旗舰店升级为“路易威登之家”,店面重新设计改造,并在四楼设置了former flagship store at Plaza 66 as the ‘Louis Vuitton Maison’, an upgraded and 贵宾楼层。这是全球第16座路易威登之家,更是国内首家之作。redesigned format that offers custom service and a fourth-floor VIP area. This isthe company’s 16th Maison worldwide but its first in mainland China.Opposite Plaza 66, retail brand Esprit closed its nearly 1,000 square meter flagship store 就在恒隆广场对面,位于中信泰富广场的Esprit旗舰店于7月底撤离,近1,000at Citic Square at the end of July. A new concept store from Hong Kong retailer I.T. is 平方米的三层楼面将由I.T全新概念店取而代之,目前正在内部装修中,预计currently under renovation and plans to open in the three-story space in December. 于12月开幕。Reel Department Store, also located in the West Nanjing Road area, continued its 南京西路上另一家商场,芮欧百货持续其阶段性的开业。地下一层的化妆phased launch, opening basement level one in July, designated for cosmetics, fast 品、快时尚消费品和配饰已于7月开业。一层的国际高端精品60%已在本季fashion brands and accessories. Approximately 60 percent of the international 度开业。引进品牌包括Hitgallery、法国户外运动Moncler、化妆品牌BobbiP. 2 | COLLIERS INTERNATIONAL 高力国际
  • 3. SHANGHAI | Q3 2012 | RETAILhigh-end boutique tenants on the ground floor have opened for business as of the Brown和Stella McCartney在中国的首家直营店。third quarter. Tenants include Hitgallery, French outdoor sporting brand Moncler,cosmetics brand Bobbi Brown, and the first Stella McCartney store in China. Figure 3 Shanghai Shopping Center New Supply, Take-up and Vacancy Rate Figure 4 Shanghai Shopping Center Occupied Area, Vacant Area and Vacancy Rate by District in Q3 图3 上海优质购物中心新增供应,吸纳和空置率 图4 上海第三季度优质购物中心分区入驻面积、空置面积和空置率 sq m New Supply sq m Vacant Area Occupied Area Vacancy Rate 600,000 Net Take-up 20% 800,000 25% Overall Vacancy Rate 700,000 21% 500,000 16% 20% 600,000 400,000 17% 12% 500,000 15% 15% 15% 300,000 400,000 8% 300,000 10% 200,000 8% 7% 200,000 4% 5% 100,000 4% 100,000 3% 2% 0 0% 0 0% 2004 2005 2006 2007 2008 2009 2010 2011 1Q-3Q 2012 Putuo Huangpu Pudong Hongkou Xuhui Changning Jingan Yangpu Zhabei Source: Colliers International Shanghai (CIS) Research Source: Colliers International Shanghai (CIS) Research 数据来源:上海高力国际调研部 数据来源:上海高力国际调研部Fast-food chain Burger King renovated a new Shanghai store during the quarter, on 快餐连锁品牌汉堡王在上海一新店于本季度开业。店铺位于南京西路的南West Nanjing Road. The new location at Nanzheng Tower, comes after a July 证大厦。随着公司7月宣布签订合资协议后,汉堡王也开始了其扩张步伐,announcement that the company has entered a joint venture agreement that will see 计划未来5至7年内在中国开1,000家店。it expand its footprint in China to 1,000 stores in the next five to seven years.The overall retail occupied area increased during the quarter. In July, American luxury 第三季度上海零售市场的整体入驻面积有所提升。7月,美国奢侈女鞋品牌women’s shoes brand Pelle Moda opened its first store in Asia at Xintiandi Style. In PelleModa于新天地时尚设立其亚洲首家店铺。8月,瑞典著名运动服饰潮August, Swedish sportswear brand Bjorn Borg opened its first China store at City Plaza. 牌Bjorn Borg在久光百货开中国首店。In the luxury jewelry sector, Tiffany & Co. opened its fifth store in Shanghai at Xujiahui’s 在奢侈珠宝方面,蒂芙尼上海第五家店于7月登陆徐家汇的港汇广场一层,Grand Gateway 66 in July. The ground-floor space covers approximately 214 square meters. 面积约214平方米。8月底,戴比尔斯钻石珠宝上海首间精品店于国金中心Also in this sector, De Beers Diamond Jewellery opened its first store in Shanghai at the end 底层隆重揭幕,营业面积约75平方米。of August, taking approximately 75 square meters on the ground floor of IFC mall.New World Department Store announced the renaming of the Channel One shopping mall 新世界百货中国有限公司欣然宣布其于2011年11月收购的上海调频壹广场(which it acquired in November 2011) to Shanghai Hong Kong New World Department 正式更名为香港新世界百货─上海巴黎春天陕西路店,这是巴黎春天在上Store (Shaanxi Road Store), making it the company’s tenth store in Shanghai. The renamed 海的第十家分店。变装后的陕西路店延续潮的风格和时尚个性。Shanghai Shaanxi Road Store will continue its emphasis on youth trends and fashion.Home Depot announced that it would close all seven of its remaining big-box stores 家得宝在发现其错误的市场定位后,终于宣布关闭其在中国的7家门店。跟in China, after “misreading” the market for do-it-yourself products. The closure and 百思买的战略相同,家得宝将在华业务重点转向专业和网上销售。尽管该adjustment of its strategy to smaller, specialized stores and an online presence 品牌在上海并没有门店,但这一引人瞩目的歇业事件,使外资品牌进入中follows the path of consumer electronics retailer Best Buy’s China strategy. Though 国零售市场所面临的种种挑战显得更为突出。另外,公司还将保留其研发none of Home Depot’s big-box stores were located in Shanghai, the high-profile 团队以及上海和深圳采购办公室的170名员工。closure highlighted the challenges foreign brands may face when entering China’sretail market. Home Depot will reportedly keep its 170 employees in Shanghai andShenzhen, who work in sourcing and in the company’s specialty stores.Despite the new completions in the third quarter, the vacancy rate of the overall 第三季度,整体市场的空置率并没有受到新增供应量入市的影响,保持稳定market remained constant at 10.2 percent. The opening of One Prime increased the 在10.2%。壹丰广场的开业使得内环商圈的空置率从上季度的15.6提升到vacancy rate within the inner-ring area from 15.6 to 16.7 percent. In the prime area, 16.7%。同期,核心商圈的空置率则由上季度的7.8%下降到本季度的7.4%,increased leasing activity at SDC Fashion Mall, which launched in the previous 主要归因于上季度开业的光启城时尚购物中心的签约租户数量的增加。次中quarter, contributed to a decline in the vacancy rate, falling to 7.4 percent from the 心商圈的空置率同上季度保持不变在9.2%。previous quarter’s 7.8 percent. The decentralized area’s vacancy rate remainedunchanged at 9.2 percent.RENTAL RATES AND INVESTMENT 租金和投资分析 Figure 5 Shanghai Shopping Center Ground Floor Rental Trend Figure 6 Shanghai Shopping CenterAverage Ground & Second Floor Rental Rateby District in Q3 图5 上海优质购物中心首层租金 图6 上海第三季度优质购物中心首层及二层平均租金 Rents of Overall Market Average Ground Floor Rental RMB/Sq m/day Rents of Prime Area RMB/sqm/day Average Second Floor Rental Rents of Inner Ring Area 60 80 Rents of Decentralized Area 70 50 60 40 50 30 40 30 20 20 10 10 0 0 2006 2007 2008 2009 2010 2011 1Q-3Q 2012 Jingan Pudong Xuhui Huangpu Changning Hongkou Yangpu Zhabei PUtuo Source: Colliers International Shanghai (CIS) Research Source: Colliers International Shanghai (CIS) Research 数据来源: 上海高力国际调研部 数据来源: 上海高力国际调研部高力国际 COLLIERS INTERNATIONAL | P. 3
  • 4. SHANGHAI | Q3 2012 | RETAILDespite the increased supply in the third quarter, 尽管第三季度有新增供应量入市,购物中心的租rental rates for shopping centers held steady in the 金仍保持稳定态势。整体市场首层商铺的平均租third quarter. Average rental rates for ground floor 金仍保持在每天每平方米人民币39.8元。space across the market remained stable at RMB39.8 per square meter per day. 62 countries onOn the investment front, CapitaMalls Asia Limited 在投资市场方面,凯德商用于7月设立总额达10 6 continentsestablished the US$ 1 billion CapitaMalls China 亿美元的中国发展基金III,主要投资中国购物中Development Fund III in July. The investment 心以及其他零售商用物业的开发。其初期资产包 USA: 147mandate is reported to have a primary focus on the 括位于马当路上的上海卢湾项目,这是一个涵盖 Canada: 37development of shopping malls and retail properties 购物中心和写字楼为的综合体项目,规划体量达 Asia: 36in China. One of the fund’s seed assets is the Shanghai 127,750平方米,计划于2015年完工。 Australia and NZ: 165Luwan mixed-used project on Madang Road, planned Latin America: 19as a 127,750 square meter facility containing a EMEA: 118shopping mall and office tower expected to complete • $1.8 billion in annual revenuein 2015. • 237 million sq m under managementIn the sales market, a 98 square meter retail 在买卖市场方面,普陀区的西康路989项目的一套 • Over 12,300 professionalsproperty at 989 Xikang Road in Putuo District was 98平方米的商铺以每平方米人民币105,064元的单acquired by an undisclosed buyer for RMB 105,064 价成交,创第三季度商铺成交均价的新高。而金 CHINA:per square meter, the highest transacted unit price 桥板块的碧云新天地则以每平方米人民币18,001for commercial property in the third quarter. In 的均价售出了13套商铺,列成交套数榜首。 Shanghaiterms of transacted unit volume, the Jinqiao area’s 16F Hong Kong New World TowerGreen New World project led the market, selling a 300 Huai Hai Zhong Road Shanghaitotal of 13 units during the period at an average 200021 PRCtransaction price of RMB 18,001 per square meter. TEL +86 21 6141 3688 FAX +86 21 6141 3699MARKET OUTLOOK 市场展望With the forthcoming National Day and Christmas 随着国庆假期和圣诞节的临近,还有一批大型holidays approaching, and the launch of several 零售项目如南京西路的越洋广场和淮海中路的 Annie Hounlarge-scale retail developments in the fourth quarter K11艺术购物中心即将于第四季度的入市,上海 Director | Retail Servicessuch as Park Place on West Nanjing Road and K11 零售市场或将会于下季度有所回温。 East ChinaArt Mall on Middle Huaihai Road, Shanghai’s retail Dir +86 21 6141 3610market may see high levels of activity in the run up Annie.Houn@colliers.comto the year-end. James ShepherdThe total stock in the Shanghai retail market will 第四季度上海零售市场的总存量将会增加。然 Senior Directorincrease in the fourth quarter. However, both the 而供需市场的相对平衡也会使市场的整体租金 Research and Advisory Servicesrental and vacancy rate seem set to remain stable 和空置率持续保持稳定趋势。 Corporate and Institutional Servicesdue to relatively balanced supply and demand. East and Southwest China Dir + 86 21 6141 4315Competition in the Shanghai department store sector 近来,上海百货商场的竞争持续白热化状态。 James.Shepherd@colliers.comhas been increasingly heated in recent months. 对于那些体量相对较小、定位过时、零售业态Properties with relatively small floor areas, outdated 又存在局限性的项目来说,已经很难适应上海positioning and limited retail formats have been 正在变换的零售市场,以及日益增加的既有消struggling to adapt to Shanghai’s changing retail 费能力又有鉴赏能力的消费者。market and the evolving tastes of Shanghai’s This document has been prepared by Colliers Internationalincreasingly affluent and discerning consumers. for advertising and general information only. Colliers International makes no guarantees, representationsOf Shanghai’s original 12 key traditional department 十二家直接以号码命名的老字号百货商店(如上 or warranties of any kind, expressed or implied,stores (which are named by number, such as Shanghai 海第一百货商店)中,仅剩下四家幸存于当今众 regarding the information including, but not limitedNo. 1 Department Store), only four have survived the 多大型购物中心和电子零售业盛行的时代。如果 to, warranties of content, accuracy and reliability.relatively recent introduction of large-scale shopping 他们不能很好地适应这个市场,将会面临生存环 Any interested party should undertake their owncenters and e-retail. The remaining department stores 境恶化的挑战。 inquiries as to the accuracy of the information. Colliersare expected to face continued challenges in the future International excludes unequivocally all inferred orif they fail to adapt and upgrade. implied terms, conditions and warranties arising out of this document and excludes all liability for lossOptions for these properties might include adopting 面临困局,这些百货商场可能会采取的措施有 and damages arising there from. This publicationa shopping center format, or entering the commercial 进军购物中心,或者是涉足商业地产,就像宜 is the copyrighted property of Colliers Internationalproperty market, as Ikea, Suning, and Golden Eagle 家、苏宁和金鹰那样。 and/or its licensor(s). ©2012. All rights reserved.have done. 本文件由高力国际准备,仅作广告和参考之用。高力国A significant amount of activity is forecast in the 未来虹桥地区将会发生很大的变化。区政府对 际未对其中的信息,包括但不限于其内容、准确性和可coming quarters for the Hongqiao area. District 靠性作出任何明示或默示的保证、陈述或承诺。任何有 遵义路地下通道进行了规划建设,连廊将连接 意者应自行求证信息的准确性。高力国际明确排除适用government plans call for the linking of Zunyi Road’s 虹桥城、尚嘉中心和升级后的虹桥友谊商城。 所有由本文件得出的推测或默示的条款、条件和保证,underground corridor with The HQ, L’Avenue and an 这三个项目也将形成一个新兴的高端商业带, 对由此引发的损失和损害亦不承担任何责任。此出版物upgrade of the Hongqiao Friendship Store. The three 而天山路的汇金百货、百盛虹桥店和虹桥天都 的版权由高力国际和/或其许可方所有。 2012projects combined will form an emerging center for 则将构建虹桥地区的另一个定位中档亲民的商high-end shopping. A second, mid-market commercial 业带。hub is also forming nearby, centered around theHuijin Department Store, Parkson Hongqiao storeand the nearby Hongqiao Tiandu.Date of issue: Sept 25 2012 Accelerating success.发布于 2012年9月25日