CityOn.Xi’an to Bring Modern, Elevated Shopping Experience to Northwest China
HONG KONG, 2016-Mar-02 — /EPR Retail News/ — Taubman Asia, a subsidiary of Taubman Centers, Inc. (NYSE: TCO) and Wangfujing Group Co., Ltd (Shanghai Stock Exchange: 600859), today unveiled a distinguished line-up of contemporary retailers that will open at their jointly developed CityOn.Xi’an project in Northwest China.
“We have taken a disciplined approach to growth in Asia and are thrilled to see our first China project come to life in CityOn.Xi’an,” said Rene Tremblay, president of Taubman Asia.
Opening April 28, 2016, the seven-level, 90,000 square meter (approximately 1 million square feet) shopping center, anchored by a Wangfujing Department Store, is located in the heart of Xi’an’s new central business district and administrative center. CityOn.Xi’an reflects a unique mix of domestic and international designer and lifestyle brands from fast fashion to accessible luxury, creating a shopping experience that is sure to satisfy the diverse tastes of people across the region.
CityOn.Xi’an will also delight food lovers by offering a wide selection of local, regional and international cuisine, across all price-points and in both seated restaurants and quick service formats. CityOn.Xi’an will offer families a number of kid-friendly experiential, educational and entertainment offerings.
“There has been excellent tenant demand and we expect to be well over 90 percent leased at opening. The stellar line up of brands shows great confidence in CityOn.Xi’an, and we are committed to working with our retailers to create an exceptional shopping, dining and entertainment experience for customers,” said Mr. Paul Wright, group vice president of leasing for Taubman Asia.
Ms. Bing Liu, chairwoman of Wangfujing Group Co., added, “CityOn.Xi’an will be more than just a shopping center, as its excellent line-up of tenants will make it a place of quality and charm where people will come together to shop, work, play and relax.”
List of CityOn.Xi’an Tenants by category*:
La Chapelle Group
Ludao Ordinary Life
Nordic by Nature VERO MODA
Impression of MaWei
Ma La Kuai Le Ying
Nobleman Training Club
Oscar International Cinemas
Quan Zi. Jessie Wa. Brunch&Coffee
RONG LI JI
Skyland Food Court
Xi He Ya Yuan Peking Duck
Xu Ji Seafood
*Final list of tenants subject to change and final confirmation.
More information about CityOn.Xi’an and its experiential offerings can be found online at www.cityoncenter.com.
From fast fashion to accessible luxury, complimented by a unique collection of domestic and international designer and lifestyle brands, the retail line-up at CityOn.Xi’an is destined to meet the diverse needs of consumers in the region. CityOn.Xi’an will also delight food lovers by offering a wide selection of local, regional and international cuisine, across all price-points and in both seated restaurants and quick service formats. CityOn.Xi’an will offer families a number of kid-friendly experiential, educational and entertainment offerings.
About Taubman Asia
Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers – a leader in the shopping center industry. Taubman Asia is the platform for Taubman Centers’ expansion into China and South Korea and focuses on owning, managing, and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman’s strong retail planning design and operational capabilities. For more information about Taubman Asia, visit www.taubmanasia.com.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 23 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing four properties in the U.S. and Asia totaling 4.1 million square feet. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.
About Wangfujing Group Co., Ltd
Founded in 1955 at China’s busiest commercial street in Beijing, Wangfujing Group Co., Ltd has enjoyed a history of over 60 years.
Over the last 60 years as China transformed to a market-oriented economy, Wangfujing Group Co., Ltd has enjoyed a reputation at home and abroad as evolving from the first store of new China to the top department store in China, leading the retail industry development. Never having deviated from its original mission, the group continues to be recognized as the industry leader, committed to transforming its traditional department store business into a modern retail group.
The group’s current sales network spans seven major economic zones in China, operating 46 large-scale retail stores in 28 cities, covering various retail formats including department stores, shopping malls and outlets business formats. The group offers an operating area of approximately 2 million square meters.
For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management’s current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.