ECONOMIC OVERVIEW

The overall GDP in Xi’an exceeded one trillion yuan in 2020, an increase of 5.2% year-on-year (YoY). This marks the first time that Xi’an entered the trillion-yuan club and made it the first city in northwest China to break the one trillion-yuan level. Total retail sales of consumer goods in Xi’an reached RMB498.9 billion, down 2.9% YoY during 2020. The rate of decline has continued to narrow, standing at 2.7 percentage points (ppts) lower than that in the first three quarters of 2020.

RETAIL MARKET OVERVIEW

In 2020, three new projects, Fengxi Wuyue Square, LeCity and Longfor Paradise Walk, with about 390,000 sq m, entered the Xi’an retail market, pushing the total retail stock to 6.18 million sq m. Wuyue Square helps satiate the demand for large-scale commerce in the Fengxi area, while LeCity adds a heavyweight shopping centre to the southern part of the city. Longfor Paradise Walk adds another popular landmark to Chanba, bringing many brands’ first stores to the east of the city and effectively boosting the commercial influence of the region. Traditional department stores face greater pressure due to changing consumption habits in Xi’an. Century Ginwa in South Gate and Longshou Minsheng Department Store in Weiyang District both closed in 2020.