Word: china
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Dates: during 2000-2009
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...throw in the towel in a market with 1.3 billion potential customers. After more than a decade of negotiations, Disney has received clearance to build its second Disneyland in China, this one in Shanghai. The company announced on Tuesday that China's top planning agency had approved plans to build the new theme park, which will join the existing parks in Anaheim, Calif.; Orlando, Fla., Tokyo, Paris and Hong Kong. (See a brief history of Disney teen stars...
...Some speculate that the Chinese government's sudden announcement that Disney could go ahead may be timed to precede U.S. President Barack Obama's first visit to China Nov. 15-18, which will include a stop in Shanghai. "It's a huge investment," says Shaun Rein, managing director of China Market Research Group in Shanghai. "By allowing this now, it gives face to Obama and really shows that China and the U.S. need to work together to get out of this financial malaise...
...addition to the business because it will boost the company's visibility in one of the world's fastest-growing markets. Due to government rules aimed at protecting the public from what are perceived to be unwelcome foreign cultural influences, awareness of the Disney brand in China lags that of the rest of the world. Unlike in the U.S., where Disney operates a 24-hour TV channel and radio station, the company's presence in China is limited to a dozen hours of programming a week on local stations, five Disney-branded English-language schools in Shanghai and sales...
...approval for park construction comes amid China's ongoing efforts to develop its tourism sector, which is expected to increase 3% this year. As disposable income in the country grows, amusement parks have proliferated throughout the country - by some estimates there are as many as 2,000 - but the quality of the attractions is uneven. Earlier this year, a sex-themed park in the central Chinese city of Chongqing called Love Land was torn down before it could open to the public. Shanghai, however, could be on the verge of a tourism boom. The city will host the World Expo...
...Since mainland Chinese make up a third of visitors to Hong Kong Disneyland, some fear that the Shanghai park will siphon tourists away from the former British colony, which is part of China but has a semi-autonomous government (mainland tourists must obtain visas to visit Hong Kong). Since opening four years ago, Hong Kong Disneyland has underperformed due to its small size - at 300 acres, it's the smallest of any Disney park - as well as high ticket prices and competition from a nimble competitor called Ocean Park. (Read "The Fifth Happiest Place on Earth...