“Longfor Group’s first retail project in Tianjin, Longfor Tianjin Meijiang Paradise Walk, was launched in August, accelerating the formation of a Tianjin’s new retail landscape in non-primary retail. The retail market has shown stable performance this quarter, with brand expansion picking up, leading to an overall decline in vacancy rates compared to previous years.”

VINCENT LI, SAVILLS RESEARCH

New landmark entered the market

• Total retail sales in Tianjin decreased 3.2% year-on-year (YoY) in the first eight months of 2024. 

• In Q3/2024, the newly-opened Longfor Tianjin Meijiang Paradise Walk increased the total stock to 5 million sqm.

• Citywide vacancy rate grew 0.1 percentage points (ppts) quarter-on-quarter (QoQ) to 10.8%, down 1.3 ppts YoY.

• Citywide shopping mall first-floor rents fell 0.5% QoQ to an average of RMB298.3 psm pmth.

• In Q3/2024, brand adjustments focused on the segment sector’s rapid development and expansion of subdivision trades such as emerging Chinese fashion, new internet-famous dining, and “gu” (collectible items) from the animation world, with the F&B and entertainment trades being the most active in the market.

• As one of Longfor’s key project this year, Tianjin Meijiang Paradise Walk opened in Q3/2024. It’s the group’s first retail project in the city, which further enhanced the overall retail landscape of the New Meijiang area.