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China : Shanghai South Bund Soft-Spinning- the new site for cloth market
April 3, 2006 |  |
Dongjiadu Road cloth market was a favorite destination for those seeking textiles, apparel or garments in innumerable varieties from silk, satin or cashmere to cotton and handicraft.
An average silk dealer at this market earned around 10000-10500 yuan or US $1,235-1,300 in a single day.
Silk fabrics at these stores are priced between 30-100yuan per meter, which is almost 30 percent less than the price in chief silk stores.
However, this market has been moved to an enclosed facility, Shanghai South Bund Soft-Spinning Material Market, almost 500 metres away from the earlier location.
The new location is more modern and trendy although many regulars and foreigners believe that the old site represented the traditional and conventional Shanghai.
Traders are offering discounts and have lowered the prices so as to attract the customers and encourage them to look for the new market.
Nevertheless, sources say that this cannot last long as the dealers required to pay higher rent at the new site.
Sources informed that the new stores have a 20 percent higher rent than the old shop.
The new market officially opens on mid April.
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