Source: People’s Republic of China – State Council News
The Beijing Tongzhou District Municipal Commerce Bureau recently released a guideline to support the first-store economy in the capital’s sub-center.
The “first-store economy” refers to an economic model in which a region leverages its unique resource advantages to attract domestic and international brands to open their first stores in the area. This creates an optimal synergy between brand value and regional resources, thereby generating a positive impact on the region’s economic development.
According to the guideline, brands that open their first stores in the Beijing sub-center and receive municipal-level first-store policy support may be eligible for up to 1.5 million yuan (US$210,000) in funding from Tongzhou district.
Domestic and international brands that open flagship stores or first stores in Asia, Chinese mainland, or Beijing can receive a one-time support fund of 500,000 yuan from Tongzhou district, as long as they are recognized by the Beijing Municipal Commerce Bureau and showcasing stable performance and strong growth potential.
Commercial operation and management enterprises can also receive a one-time support fund of 100,000 yuan for each new brand first store they introduce that is recognized by the Beijing Municipal Commerce Bureau, with total support capped at 500,000 yuan per enterprise.
Beijing’s sub-center also supports the upgrading and renovation of traditional shopping malls and commercial districts. Business entities that operate such shopping areas can received up to 1 million yuan in funding from the local government.
As of now, the Beijing sub-center is home to 11 large-scale commercial facilities, with 14 more projects under construction.