Top Shanghai Mall Shuts Down, Only U.S. Consulate Remains; 7,000 Store Closures in China in 6 Months

The Chinese economy continues to decline, and domestic consumption remains weak. Recently, the well-known Meilongzhen Plaza in Shanghai announced on its WeChat public account that all businesses and tenants, except the U.S. Consulate General in Shanghai, will close from August 1st. After 26 years, Meilongzhen Plaza, including the mall, office building, and underground parking lot, will shut down. According to incomplete statistics, 6,882 stores across China closed in the first half of this year, involving over 100 companies.
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[davidshanahan]

Only the US Consulate left standing. Now there’s some symbolism to upset Xi !

[lostlogic]

Ironic that a US owned property is the only thing keeping that mall alive.

[nmaddpnmaddp]

I only feel sorry for Hong Kong, from the Top of Asia down to the bottom last of Asia in just few months,

[Zebadee]

Used to visit this mall twice a week for years. It's heartbreaking but impossible to understand why the CCP wanted to forcibly shut down so many GDP-generating industries when it's not making the economic environment so hostile for foreign companies and foreign investment that would otherwise create a thriving economy.
The CCP's 2022 National Policy to transform China into a nation of farmers and soldiers has only succeeded in transforming China into a banana republic.

[wheezysqueezebox]

Only the U.S. Consulate left open, with a big line of Chinese citizens, trying to get visas...

[PsyrenXY]

The only booming business is visas to get out. And funeral parlors

[shubus]

Now if the US Embassy in Shanghai would just shutdown.

[jandroniol]

This is exactly what happened in Spain in 2008, during the global crisis. The real estate bubble burst abruptly, thousands of shops closed because consumption dropped dramatically. Unemployment rose sharply and there were also companies that left their customers without their money. It took us 15 years to recover (and not completely) but we started with the advantage of being helped by the world's largest consumers: the United States and Europe.

[Canucks]

Where are the “Belt and Road” shoppers? Especially from Russia?

[frankfong]

Half of the city’s stores were closed in San Francisco. 😮

[hungo]

Vacancies are rampant across Chinese shopping malls as debilitated demand deadens everything. The retail industry is really bearing the brunt of such looming crisis.

[CarburetorThompson]

Online shopping may have destroyed the retailers with lower prices, but they’ve also taken money away from future customers. With more unemployment who will buy your products?

[Xingqiwu]

This is the exact same situation in many American cities too. Santa Monica California now looks like a ghost town. Every once-thriving restaurant, boutique, mall, coffee shop, and fitness studio has been boarded up. Drug addicts are everywhere and violent crime has gone through the roof.

[stevep]

Yes but business at the US consulates business is up 856%🤔

[TheSumo]

Rooms at Hilton Shanghai are less than 80 bucks a night. Shanghai ain't doing well

[GizzyDillespee]

OMG... the self-improvement exercise store calls themselves "Karma Yoga"?! What hubris! I suppose, if I lost some weight, that could be of some small benefit to the people who have to look at me... but... OMGLOL!🤣

[NovaYung]

Winnie the pooh is sending the country back to the stone age! 😮

[waynehewett]

Its hard to spend money


When

You have no job

No money

No house

Debts up to your eye balls


And are struggling to not starve

[peteranthony]

Shopping malls everywhere are under pressure due to online competition. My favorite mall in Los Angeles closed, too.

[dr.zschanel]

Why are Costco, Starbucks still opening new outlets? It's crazy