CHENGDU, Nov. 27 (Xinhua) -- Parkson Retail Group Limited on Thursday signed a 20-year tenancy renewal agreement for a prime retail space with the Times Plaza in Chengdu, southwest China's Sichuan Province. The move underscores the company's confidence in the city's commercial market and is expected to boost regional economic vitality.
The deal, which will be effective from 2027 to 2047, covers 28,763 square meters of a core commercial area in the Times Plaza, which Parkson will continue to lease and operate fully. The renewal represents an upgrade in the partnership between the two entities, with plans to integrate modern, intelligent and social elements to create a youth-oriented consumption destination.
Parkson first entered Chengdu in 1994 with a store on the iconic Chunxi Road, a commercial area which has been home to retail businesses for 101 years and recorded over 200 million visits in 2024. Wu Lei, general manager of Parkson Group Sichuan District, said that Chengdu is a strategic hub for the group's expansion in western China, citing the city's business-friendly environment and the commercial heritage of Chunxi Road.
Parkson was founded by Malaysia's Lion Group in 1987 and is one of the country's largest department store chains. It now has 43 locations across 25 Chinese cities, including shopping malls, outlet stores, beauty stores and supermarkets. A new Parkson shopping mall in Sichuan's Mianyang City opened on Oct. 28.
Industry analysts say the long-term agreement sends a positive signal that will help reinforce the Chunxi Road commercial district and draw in higher-quality brands and investments, injecting new vitality into the urban economy.
Built in 2005, the Time Plaza was among the early high-end office buildings in Chengdu.
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