“The emerging retail sectors such as ACGN have catalysed new consumption demand and that brings about more opportunities for shopping centres to diversify brand-mix in the next few years.”

CARLBY XIE, SAVILLS RESEARCH



Vacancy rates down

• Shenzhen’s retail sales increased by 1.5% YoY to RMB968.3 billion as of November 2024.

• There was no new supply in Q4/2024, and the citywide total stock remained at 7.4 million sqm by end-2024.

• Casual dining brands outperformed with the expansion of traditional Chinese cuisine, Japanese and Korean cuisines. Sports and outdoors brands remained active, launching more regional first stores.

• The anime, comics, games and novels (ACGN) merch stores showed a growing appetite in expansion, benefiting from the rising “Goods Economy”.

• The average vacancy rate decreased for six consecutive quarters to 7.4% by the end of Q4/2024, down 0.4 ppt QoQ and 1.7 ppts YoY.

• The citywide ground-floor average rent declined by 0.2% QoQ and 2.9% YoY on a rental index basis to RMB531.9 psm pmth as of end-Q4/2024.