The world’s largest duty-free store will open in the Chinese city of Haikou (southern province of Hainan) on October 28 this year. This is reported by the local newspaper Hainan Daily.
The 280,000 square meter store itself is part of a huge complex. It will also house, inter alia, a hotel, office space, and other shops selling general goods. To date, the newspaper writes, more than 800 Chinese and foreign brands are already ready to place their products in this duty-free store.
The Hainan authorities launched a pilot program to create a developed duty-free network in 2011. Currently, there are nine duty-free shops on the island, located in the provincial capital of Haikou City, the resort of Sanya, as well as in the coastal town of Boao in Qionghai District in the northeast of Hainan.
From July 1, 2020, the provincial authorities increased from 30,000 to 100,000 yuan (from $4,200 to $14,200) the quota per person for purchases in duty-free shops in the province. The list of duty-free goods was expanded from 38 to 45 positions. From February 2 last year, Hainan also launched a duty-free delivery service by mail to buyers leaving the island.
In 2021, duty-free shop sales in Hainan exceeded 60 billion yuan (about $8.5 billion), up 84% year on year. This year, the island’s authorities expect that this figure will be increased to 100 billion yuan ($14.2 billion).