Value Retail China's sales at Shanghai shopping resort double

Value Retail China, a luxury outlet developer joint venture, saw sales of its Shanghai shopping resort nearly double from a year earlier last month and expects "unlimited" growth potential in the city, a top company official said on Wednesday.

Despite the negative impacts of the COVID-19 epidemic, sales revenue at Shanghai Village soared by 94 percent in October, year-on-year, after growing by 62 percent in the third quarter of the year, said Mark Israel, chief executive officer of Value Retail China.

"We see the growth potential here virtually unlimited. We've just started," Israel said, adding that he expects the rapid sales growth to continue into the next year as more Chinese consumers have began to look for a quality shopping experience at home destinations.

The luxury outlet developer aspires to make Shanghai Village, located in the Pudong New Area and adjacent to the Shanghai Disney Resort, a "must-be" for travelers to the city, he added.