Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA) - Get Report is building to its first shopping center as it aims to enhance the "real-world" shopping experience through technology and convenience, China's Caixin first reported.
The five-story mall, dubbed "More Mall" will be built in the eastern Chinese city of Hangzhou, where Alibaba is based. The building is under construction and reportedly slated for an April opening.
The initiative to open the shopping center is in conjunction with Alibaba founder Jack Ma's "new retail" era initiative announced in February. The effort is intended to remake traditional retail through advancements in unmanned stores with the hopes of bringing the technology to 1 million bricks-and-mortar locations.
The new "More Mall" will boast several of Alibaba's brands sold via its online platform Taobao, as well as several other traditional retail brands. Hema, Alibaba's grocery store concept, is also coming to the mall, marking its first flagship store.
Shares of Alibaba were sinking lower nearly 1% in afternoon trading on Tuesday.
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