4 brands choose to open first stores in Ningbo

A store of Crazy Map, an outdoor product brand, in Ningbo, East China's Zhejiang province. [Photo/Ningbo Evening News]

A total of 361 brands inaugurated their first store in China in 2022 as the nation's consumption upgrading continues to pick up, with Shanghai, Hangzhou and Chengdu being the top three destinations, according to Linkshop.com, a Beijing-based retail market research website.

The 361 outlets were distributed in 32 cities in China, with 115 in Shanghai, 52 in Hangzhou and 46 in Chengdu.

Apart from the three cities, Beijing, Shenzhen, Nanjing, Wuhan, Guangzhou, Changsha, Suzhou, Chongqng, Xiamen and Ningbo were also among the preferred destinations for foreign brands to set up their first China store.

Last year, four brands, which are primarily engaged in sectors including catering, retail and entertainment, had selected Ningbo in East China's Zhejiang province as their first stop in China.

According to Linkshop.com, of the 361 brands that established a presence in China in 2022, 132 are catering brands.

Some Chinese cities have been offering incentives to bolster the "first-store" economy. In Ningbo's Yinzhou district, businesses will be granted 500,000 yuan ($72,463) for introducing a new store that is the first in China.

Ningbo has set the goal of building itself into an international consumption hub. It has set the target of raising its retail sales of consumer goods to over 620 billion yuan in 2026.