Postcard from Shanghai

Snacks, Smartphones, and Social Media Madness

Introduction

The past couple of days, I’ve been out and about, doing a little on-the-ground “research” in Shanghai (read: wandering around with my eyes open). Hopefully, you’ll find it at least mildly useful—or at the very least, entertaining. Disclaimer: this is all personal observation, not a peer-reviewed study.

Oh boy was it packed!

The Food Craze

What’s on everyone’s mind? Food, apparently. Imagine queues so long they could file for their own hukou. Including the typical squeezing and cutting lines. People wait for everything from iconic time-honored brands to novelty treats. The M&M store—yes, just chocolate-covered nuts—had so many people across several floors, you’d think they were handing out golden tickets to Willy Wonka’s factory. Snack time here feels like a full-contact sport, minus the padding.

Tech Retail Dynamics

Speaking of sporty matchups, I visited Samsung, Huawei, and Apple stores that are practically neighbors. Picture this: Samsung’s store looked like a quiet art gallery at closing time. Meanwhile, Huawei and Apple were buzzing, so full you’d think they were giving stuff away for free (they’re not). It’s not just the crowd, though. The Huawei store has cars right next to the phones and tablets, plus a lecture hall where people actually attend talks. Apple, on the other hand, is sticking to its tried-and-true lineup: phones, tablets, headsets, computers - somewhat boring nothing new to discover. While Huawei’s over there saying, “Why stop at tech when you can test-drive your next car?” You immediately see the huge opportunity apple missed when they stopped their car project.

Luxury Boutiques: your go to place to commit a crime

Now, if you’re wondering where all the people with too much money to spend are hiding, it’s definitely not inside the luxury boutiques. If you want to commit a crime - the Rolex store would be my go to location. Certainly no witnesses in there. I visited 8-9 different luxury watch stores. The count is 34:3 - 34 sales assistants going toe-to-toe with…3 customers, total (I couldn’t resist counting—yes, I’m good at that!). Salespeople are so bored that they gather in the hallways just to chat with each other, as there are no clients anywhere in sight.

The watches, the big-name brands? All dressed up with no one to buy. It’s as if the city collectively decided: “We can eat like royalty, but we don’t need to look like it.”

The Toy and Lifestyle Boom

Where people are happily clustering instead: toys. Pop Mart is absolutely swarmed. No wonder it’s one of the best-performing stocks in Hong Kong this year. Groups of young women snapping pictures, couples (translation: a girl dragging her boyfriend along and making him play photographer)—it’s less shopping and more of a social media festival. Miniso, too, is pulling in the crowds. They even have a new concept, Miniso Land, that’s so popular you need to queue just to step inside. Inside, you’ll find stuffed animals, gadgets, Pokémon goodies, pet accessories, and beauty trinkets—everything that says, “Hey, we know what you want before you do.” It turns out physical retail can still thrive when it feels like a destination. Girls with smartphones become instant influencers, giving these stores free publicity just by posting their selfies.

Apparel and Sportswear

For apparel, it’s a shrug. Sportswear? A bit better, but nothing that would cause a stampede. Really, the star attractions here aren’t clothes or designer logos. The star is the experience. Brands that create something fun, interactive, and photo-worthy have lines out the door. Those that rely on old-school prestige? Well, they’ve got staff standing around waiting for someone—anyone—to show up.

Conclusion

So that’s Shanghai for you: crowds out in force, hungry for snacks, thrilled by tech that goes beyond phones, in love with toys that double as Xiaohongshu props, and largely uninterested in luxury window-shopping. If you’re looking for action, forget the quiet carpeted floors of the upscale boutiques. Head straight to where the people are—and be prepared to wait in line.

Recommendation

Substack’s discovery features are notoriously limited, and its recommendation algorithm only works when you initially subscribe to a newsletter—it doesn’t continue showcasing recommendations afterward. To counter this, I’ve decided to use this space to regularly highlight other Substacks that I personally like.

If you’re interested in China, you should absolutely check out Robert Wu’s Substack. He has deep insights into local politics, and while his focus leans more toward politics compared to my investment-oriented approach, it’s an incredibly valuable resource for investors as well. Don’t miss out—give his Substack a look!