“Four new shopping centres were opened in Q3/2024, located in non-prime and suburban areas. Their unique characteristics stimulated consumer activity. Additionally, the Beijing municipal government organized a variety of promotional activities covering shopping, dining, culture and tourism for improved consumption and experience.”

VINCENT LI, SAVILLS RESEARCH



New projects revitalize the Beijing retail market

• Total retail sales of consumer goods decreased 0.9% year-on-year (YoY) to RMB910.2 billion in the first eight months of 2024, whilst general retail and F&B sales were RMB825.1 billion and RMB85.1 billion, respectively.

• In Q3/2024, four new projects entered the Beijing retail market, bringing 320,000 sqm of retail space. Thus, the citywide shopping mall stock reached 12.55 million sqm.

• Due to the new project entry, the citywide shopping mall vacancy rate edged up 0.1 percentage points (ppts) quarter-on-quarter (QoQ) to 4.7%.

• In Q3/2024, citywide shopping mall first-floor rents stood at RMB785.2 psm pmth, down 2.0% QoQ.

• Prime first-floor rents stood at an average of RMB1,379.3 psm pmth, up 0.4% QoQ. Non-prime first-floor rents decreased by 1.8% QoQ to RMB594.1 psm pmth.