The first-store economy refers to an economic form in which a place uses its unique resource advantages to attract domestic and foreign brands to open stores in it for the first time so as to achieve the optimal relation between brand value and local resources and thereby stimulate consumption.
In recent years, more and more brands have set up their first stores in Suzhou, which have provided local consumers with brand new shopping experiences.
The city saw the opening of 158 stores of such kind last year, an increase of 151% year-on-year, and over 50 in the first half of this year, up 15%. Such stores are also an eye-catcher at this year’s Double 12 Suzhou Shopping Festival.
Many of the stores offer fashionable products and services for young people who are tech savvy and eager to experience something new. For example, there is the online digital shopping carnival, and the offline coffee culture festival and nighttime bazaars.
