Wednesday, September 21, 2011

Jinbao Place: Arriving Too Late at the Beijing Luxury Party 金寶匯

Jinbao Street is the ultimate luxury shopping street in Beijing, similar to Rodeo Drive in Beverly Hills. In its two-block stretch there are three 4 or 5-star hotels and Bentley, Ferrari, Maserati and Mercedes dealerships.

A three-year-old, 40,000 square meter (430,000 square foot) luxury mall known as Jinbao Place stands largely vacant on this otherwise busy street. Above the second floor in this seven-stories-above-grade mall, almost all space is vacant. The seventh floor, the restaurant floor, has a roast duck restaurant.

The problem is not the location. Jinbao (translated as “golden treasure”) Street is the best known destination for Beijing’s wealthiest shoppers. The problem is that most luxury retailers are already represented nearby in the Dongcheng district that contains Jinbao Street.
Jinbao Place’s current tenants include Gucci, Omega, Burberry, Canali, Bottega Veneta and Vertu, two restaurants and a coffee stand.

Gucci already has its own stand-alone store 4 blocks west, as does Omega, with its store on the very popular Wangfujing pedestrian shopping street.

Burberry has another store near the Peninsula Hotel just two blocks west as the street name changes from Jinbao to Jinyu Hutong.

Canali has another store at the highly trafficked Oriental Plaza mall (see my blog about the Hui Xian REIT), about six blocks southwest.

This mall was developed and owned by the Fu Hwa International Group, rumored to be a Taiwanese company.

The photos were taken at about 5 pm on a Thursday afternoon.

Cleaning woman, but who is there to clean up after?
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