First-store economy develops fast in SIP


The latest statistics show that SIP saw over 150 “first stores” established over the year 2023, which accounted for about one third of Suzhou.

The so-called “first-store economy” is a type of real economy measured by the launching of leading industrial and fashion brands that open their “first store” in specific areas. Of the “first stores” established in SIP last year, 31 are the first of its kind in East China’s Jiangsu province, and 86 are the first in the city of Suzhou.

The “first stores” in SIP, among which are the outlets of Pomellato, Pinarello, Burton and other well-known brands, have increased quickly from about 40 in 2020. They are now a new driver of local consumption.

The local authorities have enhanced support for “first stores”, including offering preferential policies and optimizing the business environment for them.

At the same time, SIP has adopted a series of measures to foster local brands and give them support in opening their first stores. So far, SIP has become home to a number of new brands in catering, retail and other sectors.