Beijing highlighted as brand destination

Beijing has introduced a total of 3,177 "first stores" — a brand's first brick-and-mortar outlet — so far, ranking first in China, making the capital the most preferred destination for international brands, a senior official said.

"Since 2021, Beijing has been making every effort to promote the construction of an international consumption center," said Guo Wenjie, deputy director of Beijing Municipal Bureau of Commerce, at the opening ceremony of the 2023 Ibrandi Festival held on Wednesday and Thursday.

He said in the last two years, Beijing has continued to upgrade the investment and business environment and improve consumers' experience with the supply of high-quality brands.

In addition to "first stores", Beijing is a central destination for time-honored brands, with 223 reaching total annual revenue of 130 billion yuan ($18 billion). Beijing is also an incubator for emerging brands, as more than 300 have been developed there.

"Beijing will adhere to the combination of introduction and training to create a capital characteristic brands matrix, and continuously optimize the support of physical commercial carriers, accelerate the construction of a large-scale consumption pattern that integrates business, culture, tourism, and sports, and continue to create a first-class consumption environment," Guo added.

He also expressed his hope that domestic and foreign brands will seize the opportunity to build an international consumption center city and expand their business layout in Beijing, making good use of the city's scientific and technological resources, optimize and improve the efficiency of the supply chain and expand new models and scenarios of digital consumption such as e-commerce and live streaming.

2023 Ibrandi Festival, titled "Brand Power", has attracted 150 company leaders and more than 2,000 brands. Several high-level forums were held during the event.

Lu Minfang, CEO of China's dairy giant Mengniu, said consumers need a brand to bring a sense of value. Value identification is an important connection between consumers and brands, which can help a brand to get through different business cycles.

He also stressed people pay attention to not only the products of a brand, but also the value the brand advocates.

Zeng Qiao, founder and CEO of IBrandi, said they have built the platform to help more Chinese brands reach the overseas market.