According to Danwei sources, Beijing's Friendship Store is soon to be demolished, to make way for a luxury Conrad Hotel, connected to a mall.
The state-owned Friendship Stores were once the only places where foreigners could purchase imported and luxury products in China's major cities. Until the early 1990s, you had to have special foreigner money known as FECs or 'Foreign Exchange Certificates' to buy goods at Friendship Stores.
When China decided that capitalism was good and the FEC system was abolished, Friendship Stores in various Chinese cities either went out of of business, or — as in the case of the Beijing Friendship Store — dealt with the market economy by getting tourist groups to buy overpriced silk and trinkets.
Not for much longer.
The wrecking ball is coming soon, and demolition will soon be followed by construction of the new Conrad Hotel, the luxury chain that belongs to the Hilton Hotel group.
The current Friendship Store occupies a large tract of prime real estate on Chang'an Boulevard, the east-west avenue that runs through the dead center of Beijing.
Image taken from www.yestravel.com
