Septwolves Purchases Entire Business StreetFebruary 27, 2008 | By ChinaRetailNews.com Editor | Print | Email
Septwolves Group, one of the most famous men's clothing makers in China, has bought all the 211 stores of Xinmen Street, a main business street in Quanzhou, Fujian Province.
Xinmen Street was reconstructed in the 1990s and is one of the main business streets of Quanzhou. Though the street changed its business range four times, the business there latesly is rather depressed. In order to liquidate state-owned assets and to promote the development of Xinmen Street, from 2007, the city government started a public one-off sale of all the 211 stores in the street. Septwolves Group got the purchase rights in April 2007 and bought the street for more than RMB100 million to develop it into a fashion business street.
The project reportedly will be 800-meter long and it will focus on shopping, leisure, culture and entertainment. There will be five major areas in the street, which are cultural area, fine food area, fashion area, garment and accessory area and leisure area.
To ensure the successful management of the project, Septwolves Group establishes a special managing company, employs famous consulting agency for business estate and invites high-ranking sight designing company to develop the street into a topping business street in Quanzhou or even in Fujian Province. The most important is that all the stores will be "only for rent", which means they will not be sold. Septwolves Group will be the only holder of those stores.