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Changing consumer trends bring new opportunities for malls: Ingka executive

China

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China

Changing consumer trends bring new opportunities for malls: Ingka executive

2024-10-06 15:35 Last Updated At:16:27

China's evolving consumer trends mean fresh opportunities for malls and shopping centers, according to Joyce Zhu, president of Ingka Centres China.

In Shanghai, Ingka Centres officially opened its 10th Livat complex in late September under the local government's 15-minute living circle initiative. 

Livat Shanghai is the single largest investment project of Inga Group globally with a total investment of eight billion yuan (about 1.14 billion in U.S. dollars) and a construction volume over 430,000 square meters, or around the size of 60 soccer fields. It includes a large shopping center, an Ikea store and five office towers. Ingka Centres is a subsidiary of the Ingka Group, which also owns Ikea Retail.

Located in a pilot area of the 15-minute living circle initiative, the new complex will help enhance the quality and convenience of residents' everyday life, Zhu said in an interview with China Global Television Network (CGTN). She also expressed Ingka Centres' confidence in the Chinese consumer market.

"We also observed the consumer trend is undergoing significant changes. This will bring both new challenges but also opportunities for the consumer market. I can share a little bit of our observation. First of all, we see consumers are making more cautious and smarter choices anchored with value-for-money. At the same time there is also a growing emphasis on living a more sustainable and healthy lifestyle. And people are willing to put more emphasis on self-satisfaction and at the same time to make meaningful social belongings," she said. 

Zhu said Livat Shanghai is also going to host diversified community activities, aiming to bring playfulness, innovation, and collaboration into reality.

She also emphasized that the company's other Livat shopping centers are doing well citing double-digit year-over-year growth so far in the fiscal year 2024 for total visitations and tenant sales.

"For us, it's not only about the numbers, but when we see all the people-centric approaches, and our meeting place concept has been more and more welcomed and appreciated by many customers. And when we see our Livat meeting places, no matter the new ones or the mature ones, they keep on growing with the people in the city. I think this brings us the true rewarding feelings," the regional company president said. 

Changing consumer trends bring new opportunities for malls: Ingka executive

Changing consumer trends bring new opportunities for malls: Ingka executive

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Death toll from Israeli strikes on Lebanon rises to 3,287

2024-11-13 10:27 Last Updated At:10:37

The death toll from Israeli attacks on Lebanon since the beginning of the latest round of Israeli-Hezbollah conflict has reached 3,287, with injuries rising to 14,222, according to the Lebanese Health Ministry on Monday.

The Israeli army conducted multiple airstrikes on the southern suburbs of Beirut on Tuesday. A medical complex building was targeted in one of the strikes, and currently, there are no reports of casualties from this airstrike.

The Israeli forces also struck a house east of Beirut. The Lebanese Health Ministry announced that the attacks have resulted in 5 deaths.

On the same day, Herzi Halevi, chief of staff of the Israel Defense Forces (IDF), stated that the IDF has already eliminated significant combat capabilities of Hezbollah. He noted that the IDF is conducting strikes both deep inside Lebanon and frequently targeting the Syria-Lebanon border area, making it difficult for Hezbollah militants to acquire weapons, which is crucial for achieving tactical objectives.

Also on Tuesday, Hezbollah released a statement claiming that under their fierce resistance, Israeli forces had withdrawn from most areas along the western section of the temporary Lebanon-Israel border. Recently, they launched long-range attacks against 33 strategic targets inside Israel.

The statement asserted that Hezbollah has the capability to fight against Israeli forces for an extended period, and that Israel's operations would end in failure.

Death toll from Israeli strikes on Lebanon rises to 3,287

Death toll from Israeli strikes on Lebanon rises to 3,287

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