Shanghai’s “Acg-Economy War”: Underground Booth Retail and the Boom of the Billion-Yuan “Ita-City”

Beneath People’s Square, tiny rental booths—each under one square meter—are packed with anime merchandise. Young shoppers bend over, carefully examining items, occasionally cheering for scoring rare collectibles. Just six months ago, this area had only a few scattered shops; now, it has become a new pilgrimage site for ACG fans.

This summer, Shanghai has earned the nickname “Ita-City” (Pain City, derived from “Ita Bag”). Hundreds of thousands of young people carrying “ita bags” (decorated with anime pins and dolls) flooded into the city for events like BW2025 (Bilibili World) and ChinaJoy.

Data shows that China’s pan-ACG user base has surged from 221 million in 2017 to 526 million this year, with the peripheral market reaching approximately 600 billion yuan.

01 The Underground “Gacha Hunt” Boom: ACG’s New Retail Economy

The ACG boom in Shanghai’s underground spaces has evolved—from Hong Kong Name Brand Street to ground-level malls, and now back underground. Washing Street has transformed in just six months from a few scattered stores into a must-visit destination for ACG enthusiasts.

About 30-40 ACG shops have gathered here, adopting an innovative consignment booth model. Individual sellers rent booths to price and sell their goods, while booth owners charge rent without taking additional commissions.

This low-cost, flexible model significantly lowers the barrier to entrepreneurship. One fan noted, “Online second-hand platforms either have inflated prices or the fear of counterfeits. Here, you can touch the merchandise, ensure it’s authentic, and get it cheaper.”

02 The Old City’s “Barrier-Breaking” Experiment: Tradition Meets ACG

This summer, Yuyuan Garden Mall underwent a stunning transformation—from a traditional cultural landmark to an ACG “Ita-Park.”

Partnering with Bilibili, Yuyuan introduced 10 popular domestic ACG IPs like “Heaven Official’s Blessing” and “Link Click,” deeply integrating the old city with ACG culture. Ninghui Road was transformed into the Extreme Pleasure Pavilion from “Heaven Official’s Blessing,” while Yuyuan Old Street and “Link Click” created a “time-travel” theme.

Even century-old brands joined the trend. Laomiao partnered with “Heaven Official’s Blessing” to launch co-branded gold bracelets and lucky beads. During the event, sales for these traditional brands are expected to reach 40 million yuan.

03 Fierce Regional Competition: Shanghai’s ACG “Battle of the Giants”

Shanghai’s ACG economy has developed into a regional competition. Huangpu and Jing’an districts, with their flagship projects and mature ecosystems, have become “fortress-style” commercial hubs.

Huangpu District boasts high-density IP clusters. The Nanjing Road Pedestrian Street area is home to multiple representative ACG commercial spaces, such as Bailian ZX Wonderfall, New World City, and First Department Store Hall C, earning it the title of “China’s Akihabara.”

Jing’an District relies primarily on the Jing’an Joy City mall. This summer, it launched the “Shine! Dimension Festival,” featuring over 30 IP pop-up events, including national first stops for “Detective Conan” and “Bungo Stray Dogs.”

Yangpu and Xuhui districts, leveraging their animation and gaming industrial clusters and platforms like Bilibili, have become hubs for content creation and technological innovation.

04 Converting Industrial Strength into Consumer Power: Who Will Be the Next Center?

Yangpu District collaborated with Xiaohongshu to transform the 80,000-square-meter industrial heritage site on Fuxing Island into “RED LAND,” an open-world adventure island—the world’s first ACG “Ita-Island.” The event attracted approximately 100,000 players.

Xuhui District, home to over 70 leading gaming companies like miHoYo, Lilith Games, and Hypergryph in the Caohejing Development Zone, combined with the newly opened Xinyao Aurora Live Phase II to create a 1.9-kilometer “Metaverse NeoWorld” street.

Pudong New District has built a strong bond with ChinaJoy. The district government launched the first “Pudong Gacha Carnival,” featuring four major themes: ita car parades, IP pop-ups, gacha markets, and stage performances at L+Mall, Lujiazui Center.

05 Hidden Concerns Behind the Boom: Sustainable Development of the ACG Economy

As the ACG economy heats up, underlying issues are emerging. Some projects, due to poor positioning or insufficient operations, become short-lived.

One expert pointed out, “Some malls blindly follow the trend—slapping a few anime posters at the entrance, stacking a few figures in stores, and organizing Cosplayer parades. It looks ‘ACG,’ but lacks resonance, becoming a one-time打卡 event.”

The ACG retail sector also faces potential “bubbleization” and homogenization. Even branded chains are flooded with similar domestic-made goods, leading to a lack of differentiation.

Additionally, ticket scalping and other issues plague some ACG tourism events, calling for improved regulations and industry standards to combat price fraud.

On the Huangpu River, the 80,000-square-meter Fuxing Island, transformed into the world’s first ACG “Ita-Island,” attracted about 100,000 players during the event.

During Yuyuan’s Summer Fantasy Night, daily foot traffic exceeded 160,000 visitors, with over 60% under the age of 35.

The ACG culture is not just a consumer phenomenon—it is a testing ground for cultural heritage and innovation.