CITY OVERVIEW

Chengdu’s GDP reached RMB2,082 billion in 2022, an 2.8% increase YoY, and the total economic output exceeded 2 trillion for the first time. The tertiary industry growth value reached RMB1,382 billion, up 1.5% YoY. In addition, retail sales of consumer goods in Chengdu were RMB910 billion in 2022, down 1.7% YoY. General retail rose 0.3% YoY to RMB765 billion, and F&B fell 10.8% YoY to RMB144 billion. The citywide retail market demand was weak in 2022, and the market’s net absorption declined significantly compared to 2021. 

MARKET OVERVIEW

From 2022 to Q1/2023, Chengdu retail market recorded a new supply of over 600,000 sq m. The total shopping mall stock reached 8.12 million sq m by the end of Q1/2023. Situated in Jiaozi Park Commercial District, Magic Cube and Chengdu SKP were launched in Q4/2022.

Magic Cube centred on social lifestyle sector, introduced brands covering entertainment, leisure and fashion, which distinguished itself from SKP. On the other hand, Chengdu SKP attracted over 1,300 international high-end brands, significantly enriching the high-end retail brand matrix in the Chengdu market. In addition, after a three-year renovation, COSMO located in the Yanshikou Area, reopened at the end of 2022.

The project gathered many renowned street fashion and entertainment brands, and created a curatorial shopping space as a futuristic consumption hub for young hipsters. There was no new mall to the Chengdu retail market in Q1/2023.