ECONOMIC OVERVIEW

Total retail sales declined 4.5% YoY to RMB1,021.95 billion in the first nine months of 2022. General retail sales fell 3.9% YoY to RMB946.71 billion whilst F&B sales also fell 11.6% YoY to RMB75.24 billion. The retail market performed well in Q1/2022, driven by the Winter Olympic Games and Spring Festival but it was heavily impacted by the epidemic outbreak in Q2/2022. The market however began to recover and saw a new supply peak  in Q3/2022.

SUPPLY AND STOCK

Located in non-prime and suburban markets, seven new projects were launched, bringing the total shopping mall stock to 11.02 million sq m, whilst the total department store stock remained at 2.03 million sq m by the end of Q3/2022. The new projects included:

• Chang’an Mills and Jin An Uni-Elite, both located in Shijingshan District, were launched in Q2/2022, bringing a total of around 87,000 sq m of  retail space.

• Yaojiayuan MixC and BIG Shopping Park, both located in Chaoyang District, made their debuts in Q2/2022 and Q3/2022, respectively, bringing around 202,000 sq m of retail GFA to the market. 

• 82,200 sq m Lize Sky Mall located in Fengtai District also made its debut in Q3/2022. 

• Uni Fun Daxing and Paradise Walk Yizhuang, both located in Daxing District, added a total of 180,000 sq m of retail space to the market in Q3/2022.