Wangfujing Business Circle: The Brand Journey Under The Prestigious Name

There are leather shoes made by leaders of the older generation of Mao Zedong, Zhou Enlai, Liu Shaoji, Peng Zhenhe Yang Shangkun and so on. They were built in 1902 with the same name and shoes store as the old name brand. The Sheng Xifu, founded in 1911, was praised for the workmanship made by politicians from all over the world.

At the same time, it is also the sister street of Champs Elysees street and also the first shopping center of China.

It is known as China's first commercial street Wangfujing. There is one in this street. World business street Dream. But from the current Beijing business card to the future world business street, there is a need to introduce a brand.

Old golden street converge on new and old businesses

Speaking of Wangfujing street, we must mention Wangfujing department store and stand up. Market The bronze statue of Zhang Binggui, the national model worker. Zhang Binggui is a salesperson in the candy store of the Wangfujing department store. As long as the customer says how much candy he can buy, he uses his hand to catch the scales and says that eight or nine are not ten. The spirit of "a group of fire" advocated by Zhang Binggui is not only a sign of the Wangfujing department store, but also a banner of the national business enterprise.

The world-renowned old name, the new business model that leads the domestic business pattern and the business model with a long history are gathered on this street, which has achieved the reputation of "Golden Street" on Wangfujing street.

This "Golden Street", from south to East Chang'an Avenue and north to the China Art Museum, is about 1.6 km long. It is the most famous business district in Beijing and even the whole country. It is called the Golden Business District of "golden day".

The history of Wangfujing can be traced back to 1260s, more than 700 years ago. As early as the last century, Wangfujing street has a reputation. In the early 20s of last century, big business appeared in Wangfujing street.

With the opening of the "new China first store" Beijing department store in 1955, Wangfujing Street Business is getting stronger. Zheng Wanhe, chairman of Beijing Wangfujing department store, recalls that the first day of the department store opened to 250 thousand passengers, and then the sales of other commercial streets dropped by 20%. Until today, tourists from all over the country and around the world still choose Wangfujing street in Beijing, which is closely related to the huge brand influence of the former department store.

Wangfujing business circle is like a museum. It has the same brand name as "Sheng Sheng he", "Sheng Xifu", "Rui Xiang Xiang", "Dong Lai Shun", "Quanjude", etc., and brings together China's extensive and profound traditional business culture.

11 years ago in September 11th, Wangfujing Street ushered in the turning point of development. After nearly 8 years of transformation, Wangfujing street is like a Golden Phoenix reborn in the form of pedestrian street under the cluster of thousands of lights. After the transformation, the "golden cross" layout was formed. Take the crossroads at the west side of the golden fish Hutong as the center, to the East is a street of hotels and restaurants, to the west is a snack, a leisure Street, to the south is a bustling commercial pedestrian street, and to the north is a street of entertainment and culture.

Since then, the business road of Wangfujing street has become more robust. 10 years ago, Dongfang Xintiandi, the first real shopping center in China, was settled here. Dongxin Xintiandi is part of Li Jiacheng's Oriental Plaza Shopping Center. Since then, Hongkong APM Beijing, Zhejiang retail giant intime department store invested in Lotte Yintai department store, sporting goods, and domestic fashion brand giant muse and bang Wei have entered this "Golden Street".

Attracting investment and pursuing high-end

The most hopeful Wangfujing business street, which keeps pace with international business streets such as Oxford street and Fifth Avenue, has been flying higher and higher on the high-end route.

In November, the first GAP of the first clothing brand of the United States to enter the Chinese market fell on the Beijing APM in the Wangfujing commercial street, which is quite different from the practice of most international brands choosing Shanghai as the first stop in the Chinese market. In fact, the heavyweight "attracting" is just the beginning of the massive "blood transfusion" of the Hong Kong shopping center.

With pride in introducing GAP, Cai Zhiqiang, general manager of Beijing APM, told reporters about the ongoing brand adjustment in the shopping mall. "In addition to GAP, there will surely be other international brands that have not entered the domestic or Beijing market."

The commercial landmark of Wangfujing street, the Wangfujing department store, also launched a comprehensive commercial upgrade in September this year, bringing 63 new brands into full play. Rolex watches, Chanel watches, Dior flagship stores and other international brands will also be unveiled. Earlier this month, Wangfujing Department announced that it would continue to invest and transform.

Increasing brand positioning is also a microcosm of the recent Wangfujing business. Many business experts have said on different occasions that the number of international brands entering Beijing is an important indicator of Beijing's construction of an international business center.

Wangfujing commercial street is also constantly attracting investment from all walks of life. Wangfujing International Mall, which is not far from the Wangfujing department store, has been renamed "Tao Hui Xin Tian". It will probably debut in May 1st next year.

At present, the business of Wangfujing business circle has been saturated. In this reality, Tao Hui Xintian project will break the business model of traditional shopping malls. At the same time, we decided to enter the business circle with the new business mode. At the same time, the two high-end commercial projects of Beijing Hotel located on the south side of Wangfujing Avenue are also being prepared. Chi Yang, who has served in many high-end stores such as Seth, Financial Street shopping center, will take the helm of the project.

Wang Weidong, deputy director of the Construction Management Office of the Wangfujing, said that the extension of Wangfujing street to prayer Street will be more than 3 km long. After the expansion of Wangfujing, the South Wangfujing will emphasize more on interactive development. The idea of developing Wangfujing commercial street gradually to the high end is in step with the overall development of Dongcheng District's commerce. In the future, Wangfujing commercial street will continue to introduce high-quality commercial brands to promote the upgrading of business circles.

Shanzhai brand ride travel consumption

With the prestige and tremendous influence of "Golden Street", Wangfujing street has become the most brilliant business card on the road of Beijing's international trade center. According to the latest data, there are more than 73 million passenger trips in Wangfujing commercial street. Among them, about 20000000 tourists visited and visited Wangfujing business street.

In order to meet the consumption demand of Beijing and overseas tourists, hotels, restaurants and hostels in the Wangfujing area are increasing. Up to now, there are more than 50 hotels, restaurants and guest houses in this area. Among them, there are four star rated hotels, 33 hotels, 16 star hotels and five star hotels, which are the most densely populated areas of five star hotels in Beijing. At the same time, the two phase of the Beijing Hotel is under construction of 270 thousand square meters, and the new reception capacity will meet more demand for tourist accommodation after completion.

Behind the continuous enhancement of the capacity of Wangfujing's visitors, there is a "going out" of the development. Wangfujing is no longer the consumption preference of local customers in Beijing, but rather caters to the needs of tourists.

Based on this, Wangfujing street also tried to introduce famous brands to gather some high-end local customers. In 2008, Lotte Yintai department store entered, Bvlgari, GUCCI, BURBERRY and a number of luxury brands appeared in succession, attracting a number of high-end consumers.

What is intriguing is that, in the face of large, bright, big brand stores, many "Shanzhai" international brands have been selling "low-end goods" at the price of tens of dollars. Most of these brands are similar to international brands, but their names often use pinyin, which is translated from international brand names. Last weekend, reporters saw on Wangfujing street that a group of tourists with northeast accent and uniform color hats rushed to the nearby "cottage" brand stores after arranging tours for tour guides. In a few moments, the tourists returned to their homes.

It is obvious that the emergence of the "international brand" in the Wangfujing street is inconsistent with the positioning of Wangfujing commercial street and runs counter to the goal of Beijing's construction of an international trade center. But because of the low price of these goods, the business in the store is quite hot. Many foreign tourists believe that the brand of Wangfujing commercial street is "good brand", so these cheap commodities are in hot pursuit. {page_break}

Not only is the clothing store hot, but to cater for a large number of foreign tourists, many shops in Wangfujing commercial street sell Beijing specialty, vacuum packed roast duck and even cheap jewels.

The characteristics of business circle need to be strengthened by brand.

In the view of business experts, if Wangfujing commercial street wants to walk more steadily on the brand road, it needs to constantly upgrade its brand and format to strengthen the business circle characteristics. When it comes to Wangfujing, it is difficult to generalize the characteristics here, and its management features are becoming increasingly vague.

In view of the escalating road of Wangfujing Street brand and format, insiders also pointed out that Wangfujing commercial street should not rely too much on shopping functions. The people believe that the catering and entertainment formats that really attract local customers to Beijing are scarce in Wangfujing commercial street. In recent years, Xidan's great joy City, for example, has hundreds of unique brands in the Beijing market. It is indeed an important factor to attract customers to come. But without the assistance of entertainment and entertainment formats such as special restaurants, cinemas and so on, it is very difficult for this store to achieve nearly 2 billion yuan sales last year.

In addition, the streets of Wangfujing commercial street are long and can only walk. Consumers often go shopping in one area after buying things. They will no longer continue to walk farther into the area. It is very difficult to have the same experience of visiting Xidan and other foreign trade circles. This makes Beijing local customers who can continue to contribute to the business of the commercial street no longer choose Wangfujing as the first choice for shopping.

"Communication" revitalize the whole business street.

The Wangfujing department store on both sides of the Wangfujing commercial street, the Beijing APM, the Dongan market, the Yintai department store of Yue Tian and the Dongfang Xintiandi and other large commercial facilities can give high marks to the business of Wangfujing street only, but the good things often have two sides.

As the Wangfujing walking street can only walk on foot, commercial communities in the commercial street have to face an embarrassment when they enjoy the walking passenger flow. When the consumers of dongxintiandi drive into the parking lot, customers will probably end up shopping in a shopping mall because they are too busy to drive into other shopping centers. The commercial facilities in Wangfujing Street seem to be covered by high and low end customers, but they can not be effectively linked up before each other, so it is difficult to form complementary formats.

In 2005, in the "Wangfujing business development plan", it was pointed out that Wangfujing business takes the promotion of the brand as the core, from the two aspects of stock and increment to build the development strategy of network blocks, and strengthens the trench links of the leading enterprises such as department stores, new Dongan market and Oriental Xintiandi.

The rational use of underground space in core business circle is likely to achieve "killing two birds with one stone" to ease traffic pressure and enhance business atmosphere. While Wangfujing street takes the pedestrian street as the leading boom, the current situation of other neighborhoods is also urgent. At present, the commercial potential of Wangfujing street has not yet been fully developed, and there is huge commercial potential. Just as a shopping center will take a shop as a main store, if the Wangfujing street takes the pedestrian street as the leading factor, matches the main street's commercial form, and develops and transforms the neighborhood blocks vigorously, making it a useful supplement to the pedestrian street, the business thickness of Wangfujing Street will increase greatly.

Industry talks about business circles

Starting from four aspects

World brand center

Wangfujing commercial street already has a certain degree of brand aggregation, but it should also form a scientific brand system. On the whole, if we want to become a world brand center, the operation of Wangfujing commercial street needs four aspects, namely, "selling the world, buying the whole country, raising the tradition and creating the Beijing brand".

Selling the world is to bring together most of the world's top brands and become the national and global brand centers of the world. Buying the whole country, that is, the well-known products and brands that gather all over the country, reflect the strength and potential of China's economic development, reflect the characteristics and influence of Chinese brands, and form a domestic brand center and Exhibition Center. As a long history of commercial street, the cultural accumulation of Wangfujing commercial street needs to be reflected by the Chinese time-honored brand. Chuang Jing brand, Beijing needs to innovate its own brand and form a group of brands that have the strength to enter the international market.

To become a world-famous commercial street, Wangfujing should not only focus on the degree of brand agglomeration, but also innovate its business philosophy and optimize its business environment. It is suggested that the commercial street of Wangfujing should be built in the form of semi enclosed shopping center to form a whole business street. The width of Wangfujing commercial street is very large. It is suggested that 5-6 meters of width be put together to collect miniature sculpture of famous scenic spots in Beijing, and combine them with the existing water bar and rest station of Shang street. Shops along the street should be oriented towards the open street operation, breaking the existing pattern of closed windows or walls, forming a true form of commercial street. A well-known travel agency can set up an agent point at Shang street to buy train and air tickets for domestic or international tourist destinations. It is suggested that Wangfujing establish a foreign exchange center. Under the premise of current operability, we can meet the needs of foreign tourists and business people in various currencies. It can also optimize the alley and small street leading to Silver Street, so that golden street and Silver Street can be connected to form an open, interactive and prosperous whole business district.

Mutual use of underground space

Government departments are considering building an underground passage from Wangfujing street to prayer street. The rational use of underground space is of great help to regional businesses. The commercial facilities in the business circle will no longer be "independent" after they are connected through underground passages. The mode of integrated marketing between shopping malls can achieve "borrowing power" among them.

Targeting local white-collar workers to introduce big names

Commercial enterprises in Wangfujing commercial street should aim at local customers in Beijing. This requires the introduction of international brands into the mall. These brands should be attractive to young white collar consumers, such as GAP. On the basis of brand upgrading, with the appearance of several other major commercial projects and the opening of new subway lines, the prospect of Wangfujing commercial street is widely valued.

Reporter's notes

Wangfujing needs to break its own {page_break}

The status of Wangfujing commercial street is "unusual". As long as we can solve the problems of the ground, underground, front and behind the scenes, Wangfujing street is not going to become an internationally famous commercial street. In fact, there is no way to solve the existing problems, but the support from relevant departments is urgently needed.

The reality that some brands in Wangfujing Street are not compatible with the future development goals of Shang street is long seen by the relevant departments. However, most of the property rights of these shops belong to individuals. It is very difficult for Wangfujing street to have unified planning.

In some experts' opinion, the establishment of a state-owned company by relevant government departments is an effective way to recover the right to use these small property rights houses. In addition to this approach, the government should also offer preferential policies or provide subsidies to encourage these small property owners to meet and cooperate with brands positioned in Wangfujing street.

For the lack of effective connectivity in Wangfujing street, the reality of "fighting for each other" may also be solved by government means soon. On the subway line 8 passing through Wangfujing street, a underground corridor above the subway line, through Tiantan's north gate and Wangfujing street is likely to start construction. In addition, Wangfujing street also plans to build several commercial streets with the development of pedestrian street.