The municipal government of Yinchuan, Beijing Wangfujing Department Store Group, and Yinchuan Jianfa Group have jointly signed an agreement to build a large urban complex in the city.
The establishment of this structure will mark Wangfujing's first flagship store in Ningxia Hui autonomous region.
Wangfujing Department Store Group will cooperate with Yinchuan Jianfa Group to build a urban complex integrating shopping, leisure, entertainment, dining, and culture in Yinchuan. With total investments of USD5 billion, the complex will have a planned construction area of about 240,000 square meters. Upon completion, this project will introduce various first-tier brands and will bring first-class business services to the city.
This new urban complex will improve the overall support facilities in Yinchuan, enhance the city's image, and provide consumers with a better quality shopping environment. The cooperation between Wangfujing Department Store Group and Yinchuan Jianfa Group will also create a successful model for cooperation between a retailer and a developer.
Beijing Wangfujing Department Store Group is formerly known as Beijing Department Store, which was founded in 1955. Over 50 years of development, Wangfujing Department Store has become one of the largest retail groups that focus on the department store business in China.