Retail finds boom agent in Shanghai

Shanghai has the world's largest concentration of major global retailers after Dubai, providing a solid foundation for the metropolitan city to fulfill a key government initiative known as the "Shanghai Shopping" brand.

The metropolitan city has recruited 55.3 percent of the world's retailers doing business locally for the initiative, trailing Dubai's 62 percent for a similar campaign, said Vice-Mayor Xu Kunlin during the China International Retail Innovation Summit held in April.

Last year, more than 3,000 owners of brands and products chose Shanghai to introduce their new products and services for the first time. And 835 stores made their debut in the metropolis, accounting for roughly half of the nation's total.