Retail sales increased 4.8% year-on-year (YoY) to RMB879 billion in the first three quarters of 2019 while online retail sales continued to record strong growth, registering a 27.5% YoY increase to RMB232.4 billion, accounting for 25.5% of total retail sales during the same period. 

The significant improvement in retail sales was largely driven by the Beijing Municipal Government issuing policies at the beginning of the year aimed at stimulating consumption and the overall development of the retail market.

Beijing’s retail market saw four new projects launched in the first three quarters of 2019, one in a prime submarket and the other three in non-prime submarkets. 

As a result, the total shopping mall stock increased to 10.25 million sq m. Meanwhile, total department store stock remained at 2.1 million sq m by the end of Q3/2019.