(2003-6-16)
Shanghai is expected to become an international shopping paradise in two years although SARS has had an impact on local business, said a spokesman with the Shanghai Commercial Commission yesterday.
A growing number of new business models have been introduced to the city over the past several years, such as large shopping malls and specialty stores.
To date, the city has more than ten large shopping centers such as Super Brand Mall, with nine of the world's top 100 commercial giants launching business in Shanghai.
The city has attracted more than US$4 billion in contracted foreign investment to date, with foreign-invested retailers claiming more than 10 percent of the market.
One-third of the world's top brands have entered the local market, helping local business to reach international standards, said an industry analyst.
According to the Shanghai Commercial Commission, the retail volumes of social consumer goods totaled more than 90 billion yuan in Shanghai in the first five months of the year, an increase of eight percent from a year before.
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