Alibaba to open physical mall in China
Alibaba is the biggest name in Chinese Ecommerce, and one of the country’s “big three” internet companies. But now, it’s moving out of cyberspace, and into physical space. According to CNBC, the company is planning to build a five floor, brick-and-mortar, mall near its headquarters in Hangzhou, eastern China. Names “More Mall”, it is reputedly set to open in April of next year, and is being built on a 40,000 square meter plot of land.
Alibaba’s share price is up by a shocking 94% so far this year!
SOURCE: Yahoo Finance
The news was first broken by Beijing-based financial news group Caixin. According to them, More Mall will feature “unique brands” from Alibaba’s Ecommerce platform Taobao, as well as more conventional retail brands. It will also have a Hema supermarket store.
Hema is another way in which Alibaba is pursuing CEO Jack Ma’s dream of blending the offline and online worlds. It is a described by CNBC as a “grocery concept” – originally an app that let users order groceries via their mobile phones and pay via Alibaba’s Alipay system.
The parallels between Amazon and Alibaba are hard to ignore. Both are the dominant online retailers in their region and posses a global Ecommerce footprint that any other company struggles to match. Both are experimenting with offline retail and grocery deliveries. And both are trying to gain dominance in India. Are we set for a head-to-head battle between the world’s two most recognizable Ecommerce forces?
Dominion holds Alibaba and Amazon in its Global Trends Ecommerce Fund.
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