The Shanghai Hongqiao Friendship Shopping Centre has closed for business to allow restructuring.

The closure, which was announced on the shopping centre’s social media page, is part of Shanghai’s measures to revitalise its retail industry in keeping with emerging business models.

Bailian Group, the state-backed retail firm that set up the shopping centre with a Hong Kong investor partner back in 1994, is reportedly still in discussions concerning the restructure, following a three-year action plan encouraging new retail formats released by the Shanghai Commerce Commission earlier this year.

Consumer choices have dramatically increased since the establishment of the Friendship Shopping Center, when local consumers had relatively little access to imported goods.

Bailian is also preparing a scheme to upgrade retailer IT systems for better inventory management and meeting nearby customer demand. Some of Bailian’s hypermarkets are also restructuring, cutting back on floor space and featuring more fresh food on shelves.