It looks like the retail sector is set to have yet another big day! On Tuesday, September 5, Caixin, a Beijing-based financial news group, announced that Alibaba Group Holdings (NYSE:$BABA) is reportedly working on developing its first physical mall.
According to Caixin, the five-floor shopping center, which will be called “More Mall”, is being developed near the Chinese e-commerce giant’s headquarters in the city of Hangzhou.
While a spokesperson for Alibaba refused to immediately respond to CNBC’s request for comment, Caixin reported the news on Tuesday morning, disclosing that the mall is being built on a 40,000-square-meter plot of land, and is set to open in April.
As of right now, it is believed that construction crews are finishing up the building’s interior.
In the meantime, Alibaba has been making other moves in China in an attempt to break into the world of brick-and-mortar retailing. According to Alibaba CEO Jack Ma, the company is looking to integrate the online world with the offline world. One example of this is Alibaba rolling out its ‘Hema’ grocery concept.
What Do We Know So Far?
Based on the information that Caixin has given to the public, Alibaba’s “More Mall” will include unique brands from Taobao as well as traditional retail brands. The publication also stated that “More Mall” will have a Hema supermarket store.
For those who don’t know, Hema was initially launched in 2015 as an app that enables shoppers to order groceries through a mobile device, using Alibaba’s Alipay to ring up their purchases.
Featured Image: twitter
