Beijing revamps historic stores to draw tourists and boost sales
Beijing is turning historic state-owned stores into tourist attractions. The Youyi Store and Yong'an Road Department Store have been renovated, blending nostalgia with modern retail to reverse losses and attract younger customers.
Beijing is breathing new life into historic state-owned stores as part of its urban renewal drive, transforming them into popular tourist destinations and boosting sales. The Youyi Store in Chaoyang District, once the capital's only shop serving foreigners and requiring foreign-exchange certificates for entry, has been renovated into a landmark and is expected to attract more than 3 million visitors this year, with annual sales projected to exceed 500 million yuan (US$69 million), potentially reversing years of losses, according to the store's management.
The store's former internal courtyard has been turned into a green garden, creating a new consumption space that blends culture, commerce, tourism and sport. A second-phase upgrade has begun, with a new commercial street scheduled to open next year.
A restaurant chain has opened a flagship outlet in the former staff canteen and back kitchen area of the Youyi Store, capitalising on its historical appeal and proximity to the Jianguomen diplomatic quarter. Partner Li Na said the outlet retains the original building's exterior and repurposes the store's old office cabinets and safes as preparation and seasoning areas. It also displays staff meal tickets and newspaper clippings from the 1980s and 1990s to help customers learn about the store's history.
In Beijing's Xicheng District, the Yong'an Road Department Store has kept its decades-old style and operating model. Wooden shelves are filled with domestic products such as thermos flasks, skincare items and enamel washbasins. A tailor on site offers custom-made bedding and pyjamas, attracting both regular customers and young people drawn to the nostalgic ambience.
Manager Gao, who was assigned to the store more than 40 years ago and has lived through China's economic reforms, said the store now has the freedom to decide its stock levels and focuses on everyday items and classic domestic brands that regular customers want.
Peng Peng, executive president of the Guangdong Provincial System Reform Research Association, said the key to the long-term survival of state-owned enterprises is to find the right positioning based on market demand.