Golden Resources Mall

Golden Resources Mall

Facade of the Golden Resources Mall in Beijing
Location Fourth Ring Road @ Yuanda Road in Beijing, People's Republic of China.
Opening date 2004
No. of stores and services 1000+
Total retail floor area 557,419 m²

Golden Resources Shopping Mall, or Jin Yuan (abbreviated from Chinese: 金源时代购物中心) is a shopping mall located near the Fourth Ring Road in Beijing, People's Republic of China. It is right beside Line 10's Changchunqiao Station of the Beijing Subway.

In English, the mall has earned the nickname "Great Mall of China",[1] owing to its total area of 560,000 square metres (6 million square feet) over six floors.[1][2] At 1.5 times the size of the Mall of America, Golden Resources Mall was the world's largest shopping mall from 2004 to 2005.

The mall was completed on 20 October 2004 after 20 months of construction and opened four days later. The Christian Science Monitor describes:

For sale: everything. goat-leather motorcycle jackets, Italian bathroom sinks, hand-made violins, longcase clocks, colonial-style desks, Jaguars, diapers. And that's barely getting started. It takes about two days to explore [...] With 230 escalators, more than 1,000 shops, restaurant space the size of two football fields, and a skating rink – the Art Deco mall is a testament in glass and steel to the communist party's desire to create a stable, happy, middle-income consumer class.[1]

Although the developer of the mall initially estimated that the mall would have 50,000 shoppers a day, as of 2004 the actual number was far smaller, as few as 20 in an hour. One problem was that prices of most items sold were far beyond the purchasing ability of most ordinary Chinese. Another barrier was the inaccessibility of Golden Resources Shopping Mall to foreign consumers because of what Forbes magazine calls "a tough location outside the heart of the city."[1][3][4]

A writer for the China Business Review observed:

Golden Resources has not attracted a large foreign crowd yet either, mostly because of the mall's location in northwestern Beijing outside of Third Ring Road — far from the city's foreign enclaves. I did not see a single foreign face or hear a foreign language in the hour and a half I spent shopping that Sunday afternoon. Moreover, none of the stores I visited accepted foreign credit cards. In contrast, in many stores at the Oriental Plaza and China World malls in the center of the city, no one bats an eye when a customer hands over a Visa card from a foreign bank.[3] Now, however, the number of shoppers has increased tremendously over the years. The many restaurants, megaplex, and wide variety of stores has brought in consumers from all over the city and the world.

An American executive based in Beijing suggested that name-brand corporations such as Ralph Lauren, Papa John's Pizza, and Chanel regard these non-earning stores as a form of advertising and positioning for the future sales.[1]

Fu Yuehong, general manager of the New Yansha Group which operates nearly half the mall, explains:

From the beginning we wanted the largest shopping center in the world [...] We are the country with the most people in the world. We have the fastest growing economy. The largest mall shows our progress as a society [...] We think it will take three to five years to start making a profit.[1]

In 2005, Golden Resources Shopping Mall became the world's second-largest mall when South China Mall in Dongguan was completed. It was still in second place as of mid-2012.[5][1][6]

See also

References

  1. 1 2 3 4 5 6 7 Robert Marquand (24 November 2004). "China's Supersized Mall". The Christian Science Monitor. Retrieved 2007-01-15.
  2. ↑ Van Riper, Tom (2008-01-18). "The World's Largest Malls". Forbes. Retrieved 2009-09-20.
  3. 1 2 Rebecca Karnak, "Beijing's Mega Mall"
  4. ↑ Forbes.com, "World's 10 Largest Shopping Malls"
  5. ↑ Fich, Naima (2012-05-05). "Emporis: February 7, 2012 – List of the Top 10 World's Largest Shopping Mall." (PDF). Archived from the original (PDF) on 2013-11-13.
  6. ↑ David Barboza (25 May 2005). "For China, new malls jaw-dropping in size". The New York Times. Retrieved 2006-01-15.

Coordinates: 39°57′26″N 116°16′57″E / 39.95722°N 116.28250°E / 39.95722; 116.28250

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