The International Herald Tribune is reporting that the retail environment in China is not growing steadily, but rather it is growing in leaps and bounds with new “mega-malls” opening at a rapid rate. Apparently, by the year 2010 seven of the worlds ten largest malls will be in China. There are already malls that are attracting up to 600,000 shoppers per day with 1.8 million square feet of shopping under one roof in the city of Guangzhou.
There are reportedly already four malls in China larger than the largest in the U.S. and an estimated 400 malls have opened in the past six years. The Chinese consumer is increasingly moving away from the traditional street market and into these new massive malls.
