The flagship store located in Urumqi City, Xinjiang Province is 320 square meters, or 3,444 square feet, and complements 70 other Xiniya stores in Xinjiang Province as of September 30, 2012. The flagship store located in Shenyang City, Liaoning Province is 300 square meters, or 3,229 square feet, and complements 82 other Xiniya stores in Liaoning Province as of September 30, 2012.
With a population of approximately 2.7 million inhabitants, Urumqi City is a second-tier city in China's western province of Xinjiang with year-over-year GDP growth of 17.1% in 2011 and 12.2% in 2010. Disposable income growth was 12.1% in 2011. Retail sales of consumer goods grew at 23.0% year-over-year in 2011.
Shenyang City has a population of approximately 8.1 million inhabitants and is a second-tier city in China's northeast province of Liaoning with year-over-year GDP growth of 12.3% in 2011 and 14.1% in 2010. Disposable income growth was 13.6% in 2011. Retail sales of consumer goods grew at 17.5% year-over-year in 2011.
The GDP growth of Urumqi City and Shenyang City exceeds China's national GDP growth of 9.3% in 2011 and 10.4% in 2010.
"We are extremely pleased with the opening of two new flagship stores in these rapidly growing cities that are experiencing higher GDP growth than the national average," stated Mr. Qiming Xu, Chairman and Chief Executive Officer. "The new stores are among our most impressive, featuring Xiniya's complete line of menswear, shoes and accessories as well as a multi-level layout. These features will aid in attracting Shenyang and Urumqi's growing middle class with disposable income. With our new and improved store image and product displays, we are confident that Xiniya will be able to attract more authorized retailers and consumers. These stores fit directly into our expansion strategy and will aid in increasing our brand recognition over the long term.''
Other flagships include Xiniya's company-owned store in Jinjiang and Quanzhou Cities, Fujian Province, and three others opened by Xiniya distributors in Zun Yi City, Guizhou Province, Harbin City, Heilongjiang Province and Chengdu City, Sichuan Province. These flagship stores are also located in second-tier cities.
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