CHINA. Wangfujing Duty Free has announced its official participation in the second Virtual Travel Retail Expo (11-15 October), pledging to introduce a new concept of duty free retail at the event. The subsidiary of the famous Chinese department store company* will be a Gold Partner at the Expo.
As reported, Wangfujing Group, one of China’s most powerful and respected retailers, was granted a duty free licenceby China’s Ministry of Tourism in June 2020. The following month it announced the creation of a wholly owned subsidiary duty free company, Beijing Wangfujing Duty Free Management Co Ltd (Wangfujing Duty Free), with registered capital of RMB500 million (US$72 million).
As reported, the company outlined details of its forthcoming Hai Ken Plaza project, located in the centre of the Haikou International Trade CBD, during the Hainan Expo this May. It also has plans to open duty free operations on the Chinese mainland.
The company said that it will present a focus on digitalisation and an enhanced retail service experience inside the Hainan Discovery zone – a highlight of the new-look Expo.
[Click on the YouTube icon to enter the vibrant new world of Wangfujing Duty Free]
Visitors will be able to experience Wangfujing Duty Free’s virtual suite online and enjoy an immersive 360-degree experience.
The Virtual Travel Retail Expo is owned and managed by The Moodie Davitt Report with partner FILTR.QINGWA. This year Hainan Provincial Bureau of International Economic Development (Hainan IEDB) is acting as co-organiser and also host of the Hainan Discovery zone. The inaugural Virtual Travel Retail Expo in 2020 was an outstanding success, drawing an audience of 124 exhibitors, 4,373 visitors and 179,934 stand or suite content views.
Wangfujing Duty Free is a wholly-owned subsidiary of Wangfujing Group. Wangfujing Duty Free – a key business model that Wangfujing Group is focusing on developing – is committed to actively exploring and innovating within the duty free industry, the company said.
Wangfujing Duty Free said that with the construction of the Hainan Free Trade Port, the travel retail industry offers many opportunities for co-existing competition. The company intends to provide a range of high-quality and convenient services for tourists and local residents of Hainan.
Wangfujing Duty Free noted that it enjoys significant resource advantages from Wangfujing Group’s multi-business models (department stores, shopping malls, outlets, supermarkets and ecommerce). The group has a thriving online business with over 30 million consumers as well as the advantage of well-proven brand relationships in the luxury and cosmetics categories.
Based on these advantages, Wangfujing Duty Free believes that it will provide tourists and local residents with a “humanised, personalised and intelligent travel retail shopping experience”. The company aims to enrich the life of people in Hainan and the whole country by providing highly personalised and dedicated services.
Through the platform of the Virtual Travel Retail Expo, Wangfujing Duty Free said that it wants to express its determination to vigorously promote the economic and trade development of the province to the people of Hainan and China. At the same time it pledged to bring ‘Wangfujing service’ to “enrich and improve the travel retail industry in Hainan and across the country”.
The Moodie Davitt Report Founder & Chairman Martin Moodie said: “We are honoured and delighted that our second Virtual Travel Retail Expo will be graced by a retailer of such heritage and quality as Wangfujing. The group is among the great names of Chinese and Asia retailing and its move into the duty free sector is one of the most important developments in China’s travel retail industry over recent years.
“Wangfujing Duty Free will be showcasing its plans in great style at the Expo and welcoming brands from all over the world to its stand, while its management and buying teams will also be attending in force and meeting our various brand exhibitors.”
*About Wangfujing Group
Wangfujing’s first department store opened in central Beijing in 1955. Its predecessor, Beijing Department Store, won world renown as the first department store following the creation of the People’s Republic of China.
The 39,000sq m store remains one of Bejing’s best-known shopping destinations.
Since 1996 the company has been scaling up its presence throughout China. Wangfujing has developed into one of the largest retail groups in China
with over 3 million square metres of space and 60 points of sales in 32 cities, covering all the key economic zones across China. It operates
diversified business formats including department stores, shopping malls, outlets, supermarkets and online shops.
The company was first listed on the Shanghai Stock Exchange in 1994 and has since then been a part of the Shanghai Securities Exchange 30 Index, Shanghai and Shenzhen 300 index and SSE 380.