Changing consumer trends bring new opportunities for malls: Ingka executive

China's evolving consumer trends mean fresh opportunities for malls and shopping centers, according to Joyce Zhu, president of Ingka Centres China.

In Shanghai, Ingka Centres officially opened its 10th Livat complex in late September under the local government's 15-minute living circle initiative. 

Livat Shanghai is the single largest investment project of Inga Group globally with a total investment of eight billion yuan (about 1.14 billion in U.S. dollars) and a construction volume over 430,000 square meters, or around the size of 60 soccer fields. It includes a large shopping center, an Ikea store and five office towers. Ingka Centres is a subsidiary of the Ingka Group, which also owns Ikea Retail.

Located in a pilot area of the 15-minute living circle initiative, the new complex will help enhance the quality and convenience of residents' everyday life, Zhu said in an interview with China Global Television Network (CGTN). She also expressed Ingka Centres' confidence in the Chinese consumer market.

"We also observed the consumer trend is undergoing significant changes. This will bring both new challenges but also opportunities for the consumer market. I can share a little bit of our observation. First of all, we see consumers are making more cautious and smarter choices anchored with value-for-money. At the same time there is also a growing emphasis on living a more sustainable and healthy lifestyle. And people are willing to put more emphasis on self-satisfaction and at the same time to make meaningful social belongings," she said. 

Zhu said Livat Shanghai is also going to host diversified community activities, aiming to bring playfulness, innovation, and collaboration into reality.

She also emphasized that the company's other Livat shopping centers are doing well citing double-digit year-over-year growth so far in the fiscal year 2024 for total visitations and tenant sales.

"For us, it's not only about the numbers, but when we see all the people-centric approaches, and our meeting place concept has been more and more welcomed and appreciated by many customers. And when we see our Livat meeting places, no matter the new ones or the mature ones, they keep on growing with the people in the city. I think this brings us the true rewarding feelings," the regional company president said. 

Changing consumer trends bring new opportunities for malls: Ingka executive

Heavy rains and flooding in Niger have forced schools to delay the start of the academic year by nearly a month, according to the Nigerien government.

During a council of ministers meeting, the government decided to postpone the school year to Oct 28 from the initially scheduled date of Oct 2.

So far, the devastation caused by severe flooding in many parts of the West African country is still visible in the capital Niamey. Few learning institutions were spared and even those that were left standing are being used to house those forced out of their homes by the deluge.

But many parents and teachers said the postponement of the new school year is no cause for alarm and warned that it is unwise to evict victims who have no other place to stay.

"After three months of vacation, the children will stay at home for another month or so. We don't usually leave children idle during the holidays. We take them to Quranic schools. So that's what we're going to do right now," said a parent.

The government said it is repairing the affected schools and stressed that all required steps must be taken before young learners can return to the classroom.

Flood-hit Niger delays schools reopening