Beijing's first store support policy upgraded
The Beijing Municipal Bureau of Commerce issued on March 7 a notice encouraging the development of first stores and first product launches of commercial brands in 2023.
This year, the highest funding support for the first store in Asia is 5 million yuan ($718,000), while the highest funding support for the first store in China (Mainland) is 2 million yuan. The highest funding support for the first store in Beijing is 1 million yuan.
According to the notice, enterprises that open their first store, flagship store or innovative concept store of a domestic and foreign brand after Nov 1, 2021 in Asia, China (Mainland), and Beijing, will receive funding support. This will be through store decoration and rent expenses not exceeding 12 months or 500,000 yuan. The enterprises need to show stable performance and good growth potential.
Retail enterprises can receive up to 50 percent of the actual investment total for the project. For catering enterprises, the highest support is 20 percent of the actual investment total for the project, with a maximum of 500,000 yuan.
Meanwhile, the introduction of the first store will also receive relevant funding support. For introducers who established the first store, flagship store, or innovative concept store for national unified retail enterprises in Beijing after Nov 1, 2021 (including) and signed a two-year or more entry agreement, they will be given funding support based on a standard of a maximum of 100,000 yuan reward for every newly introduced store that meets the above conditions.
New product launch activities will also receive funding support. For enterprises in Beijing, 50 percent of the total cost of venue rental, construction, and promotion will be supported for domestic and foreign well-known brand-new product launch activities held in Beijing after Nov 1, 2022 (including).
The highest support for new product launch activities such as clothing, cosmetics, watches, bags, and gold and silver jewelry is 2 million yuan, while the highest support for new product launch activities for other consumer brands is 1 million yuan.