HAIKOU /China/, October 19. /TASS/. One of China's largest retail groups Wangfujing Group has received official permission to open its first flagship duty free store in the southern province of Hainan. The Hainan International Communication Network (HICN) reported about it
The mall is scheduled to open in Wanning in January 2023. The store will be part of the Wangfujung International Duty Free Port project, which will create a form of duty-free retailing aimed at tourists traveling out of the province.
The 102,500-square-meter shopping center is located at the intersection of the ring road around the island, a landmark transport facility in Hainan. Shimei, Riyue and Nanyang Bays, as well as the Shenzhou Peninsula, are a 15-minute drive away. Sanya and Haikou can be reached by car from the mall in 30 minutes. The mall itself, in addition to duty free stores, will accommodate restaurants and entertainment venues.
Earlier it was reported that the world's largest duty free store is scheduled to open in Haikou on October 28. The store itself is an area of 280 thousand square meters. It will house a hotel, office space and other stores. More than 800 Chinese and foreign brands are already ready to put their products in this duty free store.
Hainan authorities have launched a pilot program for the establishment of an advanced duty free network in 2011. After the opening of two new duty-free stores on the island there will be 12 in total, located in Haikou, Sanya, Boao and Wanning.
Starting July 1, 2020 the provincial authorities have increased the quota per capita for purchases at duty-free stores of the province from 30 thousand yuan to 100 thousand yuan (from $4.2 to $14.2 thousand). The list of duty-free goods was expanded from 38 to 45 items. On February 2 last year Hainan started a mail delivery service of duty-free goods to customers leaving the island.
In 2021 the volume of sales of duty free stores in Hainan exceeded 60 billion yuan (about $ 8.5 billion), an increase of 84% year on year. This year, the island's authorities expect to bring that figure to 100 billion yuan ($14.2 billion).