Guiyang boosts consumer power with 760 'first store' openings

In recent years, Guiyang, capital city of Southwest China's Guizhou province, has become a key player in driving consumer growth through its "First Store Economy". According to data from WinShang Tech, the province has introduced 880 first stores, with Guiyang accounting for 760 of these, 86 percent of the total. This surge reflects the city's rising prominence in the retail sector.

The "First Store Economy", defined by the Third Plenary Session of the 20th Central Committee of CPC, is a critical component of China's push to enhance consumption and promote modernization. Guiyang has seen a boom in first store openings with the upgrading of consumer demands and a shift in business models. In the first three quarters of this year alone, seven commercial projects opened in Guiyang, including three commercial streets and four shopping centers, totaling 650,500 square meters of space.

Guiyang's consumer activity has notably outpaced national averages. In the third quarter of this year, the city recorded daily foot traffic of 37,015 people, higher than the national average of 26,252. During holidays, the city's foot traffic increased by 25.26 percent, placing it third among second-tier cities.

According to UnionPay Business, Guiyang's total consumer spending reached 304.65 billion yuan from January to September, a 9.8 percent year-on-year increase. This further highlights the city's thriving retail market.