In anticipation of The Entrepreneurs Live business conference, which will take place in Shanghai next month, a scouting trip was in order to reconnect with the city and get a sense of its key players. The city has changed significantly in recent years. First observation: getting there has become a breeze. Visa formalities are now a thing of the past for most travelers, and immigration officials are particularly welcoming.
The Return of Cash and the Retail Revolution
Even though an influx of international tourists masks the overall decline in the number of foreign residents, the atmosphere in certain neighborhoods remains unchanged. At the Jing An Kerry Centre (which will host our event in April), expats still flock to buy their morning coffee at Blue Bottle Coffee, Nodi, or Ralph’s Coffee. Additionally, new legislation that took effect in February now requires all shops, restaurants, and taxis to accept cash. This resurgence of cash greatly simplifies daily life for both visitors and seniors.
In terms of urban planning, few new skyscrapers are changing the skyline, with the notable exception of the spectacular Louis Vuitton flagship store: a three-story building shaped like a ship. However, as local entrepreneurs point out, the real architectural and commercial transformation is taking place inside shopping malls. Chinese brands are gaining significant ground there and are now holding their own against the giants of European luxury. This fascinating retail dynamic will, in fact, be one of the central themes addressed at The Entrepreneurs Live. Our program is packed, and our speakers from cutting-edge local brands, such as Shushu/Tong and An Ko Rau, will explain how to capture the attention of today’s Chinese consumers.
A dynamic of mutual expansion in Asia
At our event in Jakarta last year, much of the discussion centered on the expansion of Chinese brands into Southeast Asia. While this trend continues, we are now seeing a genuine two-way movement. For example, the Singaporean design studio Beyond the Vines will open a store at the Kerry Centre in mid-April. Its founder, Rebecca Ting, was among last year’s speakers alongside Vorravit “Pui” Siripark, creator of the high-end Thai beauty brand Pañpuri, which plans to open three retail locations in China this year.
We are committed to spotlighting successful entrepreneurs, and it’s even more rewarding when these encounters lead to genuine collaborations. For example, a bag collection resulting from a partnership between Topologie and Wonderfruit—whose founders met in Jakarta—made a big splash among festival-goers in Thailand last December. Several of our former Asian speakers will also be back in the audience in Shanghai this year.
Beyond the clichés: secondhand luxury and cutting-edge hospitality
Contrary to the pessimistic talk of China’s “decline” often heard across the Atlantic, consumer trends and the business climate are far more nuanced. European brands certainly need to redouble their efforts, but gloom is not inevitable: Miu Miu is posting excellent results, and the pre-owned luxury market is booming. The founder of ZZER, China’s leading resale platform, will take the stage in Shanghai to analyze this trend.
In the hotel industry, the picture is just as mixed. While the Four Seasons is weathering a rough patch, the Marriott and Hyatt groups are in excellent shape. The recent opening of the Alila in Shanghai (part of the Hyatt group), which was particularly popular during the recent Formula 1 weekend, illustrates this momentum. In China more than anywhere else, the choice of local partners is strategic. The spectacular rise of independent Chinese hotel brands will be the focus of the presentation by the CEO of one of Yunnan’s most prestigious brands.
New players on the scene and a revitalized culinary scene
On the streets of Shanghai, the automotive landscape has undergone a radical transformation with the emergence of a host of new Chinese automakers. Against all expectations, BYD is conspicuous by its absence, with Zeekr taking its place as the corporate car of choice, a ubiquitous sight in the driveways of luxury hotels. The design director of this Hangzhou-based brand will be traveling from the company’s Swedish headquarters in Gothenburg to join us.
On the nightlife front, although the pandemic has hit nightlife venues hard, China’s economic capital is seeing innovative concepts emerge. The cocktail bars Pony Up and Root Down are a huge hit, as are the Hong Kong-inspired venues Coa and Bar Leone. While many historic restaurants have left the Bund (the famous waterfront promenade), the area around Suzhou Creek is buzzing with activity. Mona, for example, offers the perfect setting for a sunny lunch—a spot the whole team will definitely check out.
By the end of April, spring will be in full swing, offering ideal weather for exploring this city, which is becoming increasingly pleasant to walk through. It’s the perfect time to discover or rediscover Shanghai. Pack your bags and join us in the Jing’An district on April 29.
Join us at The Entrepreneurs Live for dynamic panel discussions, in-depth interviews, and candid conversations about the challenges of entrepreneurship today. Book your tickets now.
James Chambers is the Asia Editor.