(Yicai Global) Sept. 4 -- The reign of Ladies' Street, Beijing's first retail market for female clothes, will come to an end on Sept. 30 after 16 years of operation as it failed to keep up with the times.

Many ground-level shops there have been liquidating recently, Beijing Business Today reported. The government will take over the site after the market closes.

Ladies' Street was once home to about 600 underground clothing and accessories stores. Although around 80 percent of them are open, they are displaying notices that say they will shut their doors. At least a dozen eateries on the street have done so already.

Ladies' Street was officially established in September 2001. It was backed and managed by Beijing Nanyang Laitai Ladies' Fashion Trading Market Ltd.

In its early days, shops there sold high-quality counterfeits and items made by parallel production. Consumers have since started paying more attention to brands and quality, rendering the market obsolete.