The opening of two new offshore duty-free shops has been approved in Haikou, capital of southern China’s island province of Hainan, bringing the number of duty-free shops in the province to 12, Economic Information reported on Thursday. Daily.
The operating area of offshore duty free shops will be more than doubled from the existing 220,000 square meters to over 500,000 square meters.
The two offshore duty free shops will be located in Haikou International Duty Free City and Wangfujing International Duty Free Port with operating areas of 191,500 square meters and 102,500 square meters, respectively.
The one in Haikou International Duty-free City is scheduled to open on October 28 this year, and it will become the largest duty-free store in the world with nearly a thousand major domestic and international brands.
The one at Wangfujing International Duty Free Port will start operating in January 2023 in Wanning City, southeast of Hainan Province.
After the opening of the two new offshore duty free shops, the business facility environment of Hainan’s offshore duty free shops will be significantly improved, which is conducive to attracting more high-end mainstream brands.
Meanwhile, passenger carrying capacity will be greatly improved to provide consumers with better choices and shopping experiences, said Yao Lei, a first-class inspector with the Hainan Provincial Department of Commerce.
Hainan’s offshore duty-free policy has been implemented for 11 years since its inception in 2011, and the policy has been adjusted eight times, leading to the rapid growth of the market.
Data shows that sales of Hainan’s offshore duty-free shops exceeded 60 billion yuan ($8.3 billion) in 2021, about half of visitors entered duty-free shops and one-sixth of visitors shopped. purchases.
More and more tourists come to Hainan for duty-free shopping, which stimulates the development of various industries, including accommodation, catering and transportation.
Meanwhile, the sales of duty-free products accounted for half of the province’s tourism consumption income, and the import of duty-free products accounted for about one-third of the province’s total imports and exports, making a great contribution to development. economic and social of Hainan.
The opening of two more offshore duty-free shops will inject new vitality into Hainan’s offshore duty-free shopping, accelerating international synchronization in terms of brand, variety and price, Yao said.