City overview

Chongqing’s total retail sales of consumer goods reached RMB731.6 billion, down 6.5% year-on-year (YoY) during the period from January to August 2020. The growth rate of total retail sales of consumer goods has fallen from Q2/2020 as the domestic COVID-19 situation eases and the economy gradually recovers.

Chongqing did not see any retail projects enter the market in Q3/2020, keeping the total property stock at 5.9 million sq m. 

Retail market overview

Chongqing did not see any retail projects enter the market in Q3/2020, forcing retail projects to actively adjust their tenant brand mix to attract consumers. The citywide average vacancy rate rose by 0.9 of a percentage point (ppt) quarter-on-quarter (QoQ) to 14.6% in Q3/2020. Many landlords saw their rental demand affected as well, with the average first-floor rent in the city’s shopping malls decreasing 0.2% to RMB377.3 per sq m per month.