CITY OVERVIEW

In the first three quarters of 2023, Chongqing’s GDP amounted to RMB224.4 billion, with an actual growth rate of 5.6%. Chongqing’s economy maintained rapid development, becoming one of the top four cities in the country in terms of GDP growth. In addition, from January to October 2023, the total retail sales of social consumer goods in Chongqing reached RMB1.3 trillion, an increase of 7.6% YoY, and 0.2 ppts higher than that from January to September. For categories, the city’s commodity retail sales increased by 5.7% YoY, and catering up by 19.4% YoY.

MARKET SUPPLY

In the first three quarters of 2023, four retail projects entered the Chongqing retail market, recording a new supply of over 371,000 sq m. By the end of Q3/2023, the total shopping mall stock reached 8 million sq m, department stores included. Beibei Wuyue Plaza is not only the fourth project of Seazen Holdings in Chongqing but also the second large-scale one-stop commercial complex in the Beibei district following Wanda Plaza.

The project is adjacent to several renowned universities, surrounded by mature residential communities, and benefiting from accessibility of Metro Line 6 that ensures a steady influx of customers. Brand-wise, multiple regional flagship stores have been introduced, including Starx Cinema with its IMAX theater and pet-friendly Starbucks.