For the Bentonville,
Arkansas, crowd, the new rules have triggered
a surge in new construction plans. The Simon Group has just agreed
to build a string of new malls with
Wal-Mart as an anchor tenant.
Hangzhou, near
Shanghai, is slated for the first new mall, one of
12 projects planned that will cover a total of eight million square
feet. Other retailers are jostling their way into the market as
well, anxious to create a name in the most populous country on
earth - which is set to hit 1.6 billion people by 2030.
Carrefour, the French
food and
retail giant, has already made a
name for itself in
China. Fast-food purveyors like McDonald's have
made American takeout an enormous success, with hundreds of KFCs
feeding a new appetite for fried chicken. Even Hooters has been
welcomed. And inspired by the invasion of Western shops and
salesmen, Playboy has begun suiting up its first cotton-tailed
bunnies in 18 years, with plans to open a new, members-only club in
Shanghai.
Befitting its size, China has already built four malls that are
each bigger than the
Mall of America, which is seven and a half
acres of retail heaven in
Minnesota. By 2010, retail analysts say
that China will be host to six of the 10 biggest malls in the
world.
Their arrival is working a new Chinese cultural revolution - in
retail. For decades, China had been a bustling hive of small stores
operated by some of the surliest clerks that ever stuck their hand
out for payment. Now the spit is gone, and polished service has
taken its place. And in the process, Chinese consumers have adopted
Western shopaholic standards with relish.