Wuhan, Hubei Province- Wanshang Bai Ma Clothing Wholesale Trade Center Market (Wanshang Square) is the largest brand clothing wholesale market in central China. It used to be in high demand, but now even with the rent dropping from 300,000 yuan per year to 10,000 yuan, few are interested, and many shops are up for transfer.
According to the report by “Daily Economic News” on December 12th, Wanshang Square is a landmark building on Han Zheng Street in Wuhan, operating for 28 years with a land area of 12,000 square meters and a total construction area of about 80,000 square meters. Gao Jie, the owner of Wanshang Square, said, “Wanshang Square used to be the largest brand clothing wholesale market in central China, with shops in high demand. However, the business operation of the mall now is far from what it used to be, lacking effective business management, and the high property costs do not match the actual property services, resulting in more shops for transfer.”
Wanshang Square was once a trendsetter and benchmark for fashion in central China, attracting many businesses. However, over time, Wanshang Square has lost its former glory.
Gao Jie mentioned, “During its peak, the annual rent for a 70 to 80 square meter shop in Wanshang Square could reach around 200,000 to 300,000 yuan. Now, the annual rent for shops has dropped to around 10,000 yuan.”
A local resident of Wuhan revealed to the media that many shops in Wanshang Square are now listed for sublease, as the rent for the shops is relatively cheaper and has been rented by some e-commerce companies for warehouse usage.
Regarding the reasons for the decline of Wanshang Square, the local resident believes that it is due to the impact of e-commerce and the further diversion of customers and business resources from the many clothing wholesale markets surrounding Wanshang Square.
A shop owner also mentioned that although the rent at Wanshang Square has decreased, the property costs have increased from 12 yuan per square meter to 14 yuan per square meter.
Some netizens believe that the economic downturn and reduced income leading to people being hesitant to consume are also reasons for the declining business at the mall.
Some owners at Wanshang Square are planning to “self-rescue” through the formation of a business committee, hoping to change the current situation of Wanshang Square through re-planning and attracting new businesses.