Shanghai is a city of entrepreneurship. In our series, 'Shanghai Entrepreneurs,' we talk to people from different backgrounds and businesses about their motivations, experiences and what they have learned along the way.
Echo Zhang is the General Manager of THE PLACE – an emerging shopping mall located in Hongqiao – and is in charge of operations, leasing, marketing and management. Having been in the commercial real estate industry for 18 years working for companies like CBRE Group, Jones Lang Laselle and Regus Business Centre, Zhang is a passionate businesswoman devoted to reshaping Shanghai’s shopping malls, starting with THE PLACE.
Elevator pitch: tell us what you do.
Currently I'm in charge of four commercial projects within THE
PLACE, which is a 370,000sqm building comprising of three office
buildings and a seven-floor retail shopping mall located in Hongqiao.
In this position, I have overseen the mall opening and have been responsible
for the entire project's overall performance, including leasing,
marketing and mall operation.
What trends are shaping the way business is done here?
More shopping malls are sprouting up in smaller areas of Shanghai instead
of old traditional commercial streets like Huaihai Lu or Nanjing
Lu. Also, consumers’ habits are changing – they make more rational
decisions and know clearly what they want; they are not blindly going
after promotions or luxury brands anymore. Value is becoming more
important to them. In addition, senior citizens have become a new
heavy consumption group – they have time and money and know how
to spend wisely.
What is the most challenging thing you have done for your business?
I like challenges and when I set a target, I don’t give up easily. When I
decided that THE PLACE should open at the end of 2014, no one really
believed it could happen in time. Our team put in a lot of effort and
talked to various brands one by one to win their trust. We used to have
only 8,000 customers per day after just opening, but now the customer
flow has increased to 40,000-50,000 per day. The early days were a
very difficult time for us but we managed to survive and everything is
now on a much smoother path.
"One thing I’m proud of and stuck with over the years is being consistent"
What has your biggest success been?
I’m not sure it can be considered my biggest success, but one thing I’m
proud of and stuck with over the years is being consistent. I’m proud
that I’m so passionate about my job compared to when I first started
my career, and I hope people can feel that when I meet them.
You have worked in Beijing, Hong Kong and Shanghai. Which is
your favorite?
Shanghai for sure. The business environment is better, everyone is
practical and people keep their promises here. It’s a relatively fair and
transparent city in China and people do follow the rules and business
practice. In Beijing people rely more on guanxi, while in Hong Kong
the commercial structure is not as comprehensive and abundant as
there are lots of monopolies.
Where do you see Shanghai’s shopping malls in five years?
In the next three to five years the structure is going to change and it’s
important for each mall to find their own positioning. The shopping
mall market is going to be more specific and there will be a big shuffle
in the next three to five years – big and comprehensive malls with
long-term purposes will merge with smaller ones and only those with
strong capacity, professional management teams and creativity will
remain competitive.
Visit www.the-place.com.cn to learn more about THE PLACE
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