Innovation pays off for old, honored brands

More than 1,100 time-honored brands have obtained official recognition from the Ministry of Commerce, and these companies date back 160 years on average. About 50 percent of them are engaged in food and catering.

However, few of these brands have been able to comfortably meet the demands of a modern economy, while the remainder are, for example, struggling to stay afloat by running small-scale workshops.

Shang, the Wangfujing Group president, said the success of a relatively few laozihao means there is still plenty of potential to be tapped in the overall development of time-honored brands nationwide.

In four to five months' time, Beijing Youli plans to open a futuristic store on the capital's Wangfujing shopping street that will feature strong local elements.

Shang said, "Beijing Youli will continue to work with multiple time-honored brands in various fields and develop a series of distinctive goods that take young consumer's consumption habits into consideration and also help spread Beijing culture."

Beijing Youli has opened a store at Universal Beijing Resort that features nearly 30 local and national time-honored brands.

Shang said sales at this outlet rose significantly last month, when the resort experienced a surge in the number of visitors during the summer vacation.