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Chongqing Department Store Group takes over Future International mall, advancing shopping center transformation
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Chongqing Department Store Group (Chongbai Group) announced on September 21 that it has signed agreements with Yingli International to manage the 'Future International Commercial Podium Project' at No. 6 Guanyinqiao Pedestrian Street in Liangjiang New Area, Chongqing. The project, formerly a New World Department Store, has a building area of 47,379.91 square meters. The contract term is 15 years and 3 months, with fees including management, brand usage, and comprehensive management fees. The company plans to create a new commercial entity called 'New Century Center · Yingli Hui' on this site. This is the company's latest stock commercial renovation project, marking the scaling of its 'department store to shopping center' strategy. Chongbai Group will take over the project on October 1, with a phased renovation model to minimize business impact, aiming for a mid-2027 completion. The project will bring the company's total operating area in the Guanyinqiao business district to over 200,000 square meters across seven outlets, forming a 'Seven Stars Shining' strategic layout. The four main commercial properties will adopt differentiated positioning to cover high-end luxury, outlet discount, ACG (anime, comics, games) culture, and trendy social consumption, creating a synergistic multi-store, multi-format cluster model. The company stated this will enhance market share and supply chain bargaining power, supporting Guanyinqiao's role as a core area for Chongqing's construction of an international consumption center city.
Source report
Shanghai Securities News — Chongqing Department Store Group (重百集团) announced on the evening of September 21 that it has signed the Confirmation Agreement on Signing Parties and the Management and Service Agreement for the Future International Podium Commercial Project with Yingli International (英利国际). The company has been entrusted to operate and manage the "Future International Commercial Podium Project" located at No. 6 Guanyinqiao Pedestrian Street, Liangjiang New Area, Chongqing.
The project, formerly the New World Department Store, has a gross floor area of 47,379.91 square meters. The contract term is 15 years and 3 months, during which the company will charge fees including operational management service fees, brand usage fees, and comprehensive management service fees.
New Commercial Entity: "New Century Center · Yingli Hui"
A representative of Chongqing Department Store Group stated that the company will use this project as a platform to create a new commercial entity — the "New Century Center · Yingli Hui". This marks the company's latest stock commercial renovation project this year and signals that its "department store mall-ization" strategy has moved from single-point exploration to large-scale replication.
Phased Renovation Without Full Closure
According to the agreement, the company will take full control of the project starting October 1. The upgrade and renovation are expected to be completed and officially unveiled by mid-2027. Upon completion, the project's operating area will exceed 50,000 square meters. A phased renovation model will be adopted without full closure, minimizing the impact of the renovation cycle on business performance.
"Seven Stars Shining" Strategy Completed in Guanyinqiao
The move into Guanyinqiao represents a continuation of Chongqing Department Store Group's strategy of deepening its presence in core commercial districts. With this addition, the company now operates four major commercial properties in the Guanyinqiao area:
- Century Xindu (世纪新都)
- Sunshine Century Outlets (阳光世纪奥莱)
- Chongbai Dream Factory (重百造梦场)
- New Century Center · Yingli Hui (新世纪中心·英利荟)
Combined with two specialized formats — supermarkets and electronics — the company now has a total of seven operating outlets in the district, with a combined operating area exceeding 200,000 square meters. This completes the formal closure of its "Seven Stars Shining" strategic layout.
Differentiated Positioning for Synergy
The four commercial properties adopt differentiated positioning strategies, covering:
- High-end premium consumption
- Urban outlet discount consumption
- Domestic animation and trendy culture consumption
- New social lifestyle consumption
This creates a synergistic effect of complementary customer bases and cross-traffic flow. The company noted that such a "multi-store coordination + multi-format combination" model for deep cultivation of a commercial district is rare among regional retail enterprises in China.
"Through multi-project collaboration, we aim to enhance overall market share and supply chain bargaining power, helping Guanyinqiao become a core hub for Chongqing's development as an international consumption center city."
Proven Track Record in Stock Renovation
In recent years, Chongqing Department Store Group has accumulated extensive experience in stock commercial renovation across multiple projects. Notable examples include:
- Sunshine Century: Transformed from a traditional department store into a city outlet
- Chongbai Dream Factory: Entered the domestic animation and trendy culture赛道
Additionally, on September 25, the Chongbai Electronics Guanyinqiao Southwest Super Experience Store — integrated with the New Century Center · Yingli Hui — will reopen after renovation. It will transform from a traditional home appliance store into Chongqing's first and Southwest China's first "deep experience space for a better life," integrating technology, smart features, trendy experiences, and home furnishings. (By Wang Yi)
Source
中国证券网Eastern
Part of this Story
Chongqing Department Store Group to transform New World site into lifestyle mall by mid-2027