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China’s youths throng bargain basements as economy bites: ‘The first floor is too expensive’
Published Tue, Dec 5 202310:03 PM EST
Lee Ying Shan@LEEYINGSHAN
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Consumers shopping at a mall in Yantai, East China’s Shandong province, July 10, 2023.
Future Publishing | Future Publishing | Getty Images
Min Li doesn’t go to the mall often. But when she does, she heads straight for the basement, scurrying past the first floor flanked by Gucci, Chanel, Louis Vuitton and other luxury outlets.
“The first floor is too expensive,” the 26-year-old says. She’s got company.
Chinese young people are increasingly
shopping and dining at the basement units of malls, a trend the social media has labeled the “B1B2” economy.
The basement floors — B1, B2 — typically house low-cost gift and souvenir shops, apparel outlets, the supermarket, and other relatively affordable consumer product stores like Miniso and Luckin Coffee.
“Landlords try to put anchor tenants like LV, Apple or Starbucks on pricier real estate on the ground or first floor,” says Shaun Rein, managing director of China Market Research Group.
Historically, higher-end shops have attracted more footfall, but China’s weak economy means the cheaper brands are now drawing the crowds, he adds.