Bailian Ivanhoe Shopping Center (Changsha) Co Ltd (“Bailian Ivanhoe”), a joint venture between Ivanhoe Cambridge (60%) and Bailian Group (40%), announce the grand re-opening of La Nova, the first international shopping centre of its kind in Changsha, the thriving capital of Hunan province. The 861,100 square-foot (80,000 m2) property is strategically located in Wuyi Square, the most vibrant shopping district in Changsha.
“This major redevelopment project is an important milestone in Ivanhoe Cambridge’s strategy to diversify internationally in carefully selected markets. This project allows us to leverage our expertise in real estate development and to further strengthen our presence in China, a very dynamic and fast-growing market. We are delighted to partner with Bailian Group, a sophisticated China retailer with in-depth knowledge of the local market,” said Mr. Kim D. McInnes, President and CEO of Ivanhoe Cambridge.
Mr. Ma Xinsheng, Chairman of the Bailian Group, commented: “We are very pleased to be working with Ivanhoe Cambridge on this project and look forward to more successful collaborations in the future.”
Mr. Yao Yongchun, Vice Mayor of Changsha Municipal People’s Government, declared: “We are very excited to witness La Nova’s opening today. It marks the beginning of the ‘Mall Era’ in Hunan, and we are looking forward to its success.”
“La Nova is the first shopping centre in Hunan province where consumers will be able to find a broad selection of retailers as well as dining and entertainment options. Retailers were willing to establish themselves in the renewed property and their response has been terrific,” explained Richard Vogel, Senior Vice President of Ivanhoe Cambridge China. “We have attracted 20 international retailers that will open their first stores in the province, bringing a new, unique and stylish ‘mall life’ experience to consumers,” he added.
The redevelopment, which began in 2009, included the remerchandising of most of the property and the renovation of common areas, as well as the improvement of the traffic circulation within the centre. La Nova now counts 85 tenants on 6 levels. It is anchored by a 269,100-square-foot (25,000 m2) Bailian Oriental Department Store and a 9-screen PolyBona cinema. Its retailers include banners such as Asobio, Bershka, C&A, H&M, Mango, Pull & Bear, Sephora, Starbucks, Toys ‘R’ Us and Zara.
As part of the grand opening, a branding strategy was elaborated in order to reflect the new image of the shopping centre and to promote it in its market.
Ivanhoe Cambridge has been active in China since 2005. A multidisciplinary team of real estate professionals, working out of Shanghai, is mandated to establish and solidify relations at different government levels and within the business community in order to support the Company’s efforts within China.
Moreover, the team identifies strategic partners and investment opportunities that meet Ivanhoe Cambridge’s investment criteria. Other than La Nova, the Company, in a joint-venture with Shanghai Forte Land Co., co-owns Wuxi Parktown, in Wuxi, located 150 kilometres from Shanghai.
About La Nova
La Nova shopping centre is located in Wuyi Square, the most vibrant shopping district in Changsha. It consists of six floors with a GFA of 861,100 square foot (80,000 m2). As the first international shopping centre co-owned and managed by Bailian Ivanhoe, La Nova provides state-of-the-art facilities, a comfortable and pleasant shopping environment and exclusive fashion brands. Being positioned as “new, stylish and unique”, La Nova brings a brand new “mall life” shopping experience to Hunan consumers.
About Bailian Group
Bailian Group is one of China’s biggest business trade and logistics conglomerates with the most comprehensive business models.
The major businesses of Bailian Group include supermarkets, department stores, material trade, real estate, logistics and e-commerce. Bailian Group owns five publicly listed companies, within and outside of China, including Bailian Holdings, Lianhua Supermarket, Shanghai Material Trading, Friendship Holdings, and First Pharmaceutical. It also owns a range of prestigious enterprises and brands in the supermarket sector: Lianhua, Hualian, Century Lianhua, GMS, Lawson, and Quik; in the department store sector: Shanghai No.1 Department Store, Shanghai Oriental Shopping Plaza, Shanghai Nextage Department Store, Yong’an Department Store, Hongqiao Friendship Department Store, Hualian Department Store, and Friendship Department Store; in the shopping mall sector: Bailian Nanfang, Bailian Xijiao, Bailian Zhonghuan, Bailian New Era, Bailian Nanjiao, and Bailian Chengdu; in the store chain sector: Homemart, First Pharmaceutical, Huifeng Pharmaceutical, Wuliangcai Optical, Maochang Optical, Hengdali Clock & Watch, and Hengdeli Clock & Watch.
Bailian Group manages over 7,000 stores and outlets under various brands, covering a total area of 5.5 million m2 in more than 20 Chinese provinces. Its website address is www.bailiangroup.cn.