Future Land, whose chairman Wang Zhenhua was charged with child sex abuse, rolls out new strategy to boost shopping mall business
- Seazen Holdings, the company’s Shanghai-listed subsidiary, plans to upgrade its Wuyue Plaza precincts with new, digitalised wet-market, jewellery, sports and children’s sections
- Future Land lost US$7 billion in market value when Wang was detained by police on suspicion of child sexual abuse on July 3
Future Land Development Holdings, the Chinese developer which lost billions of dollars in market value after its former chairman was arrested for allegedly molesting a nine-year-old girl, has rolled out new strategies to boost its shopping centre business.
Seazen Holdings, the company’s Shanghai-listed subsidiary, said on Wednesday it will upgrade its Wuyue Plaza precincts with new, digitalised wet-market, jewellery, sports and children’s sections.
“Customer behaviours have changed and our shopping malls have to change along with that. For example, we noticed that supermarket demand has shrunk in some neighbourhoods and it would be difficult for us to get such tenants. Thus we are using our space to introduce our own smart wet market, which can deliver fresh food to our customers nearby,” said Yu Xiaoen, general manager of Seazen’s commercial business research and development centre.
A lot of Chinese supermarket operators have started to rejig their fresh-food delivery business in recent years to boost their bottom line.
Many have followed the “omnichannel” model championed by retailer Freshippo, previously known as Hema, which is owned by the South China Morning Post’s parent Alibaba Group Holding. The concept involves making use of both offline and online channels.
Most of Future Land’s commercial revenue comes from its chain of shopping centres, branded Wuyue Plaza. By the end of 2018, the company had a total of 42 Wuyue Plaza complexes across the country.
