“Beijing retail market welcomed six new projects in Q4/2024, whilst several existing projects started renovation, which brought new development momentum into the market. Fourteen retail projects were launched throughout 2024, and consumption-promoting activities were also rolled out year-round, actively innovating and breaking traditional boundaries to diversify business formats, aiming to attract footfalls and drive consumption growth.”

VINCENT LI, SAVILLS RESEARCH



Beijing retail market welcomes upgrades

• Total retail sales of consumer goods decreased 2.8% year-on-year (YoY) to RMB1,286.59 billion in the first eleven months of 2024, whilst general retail and F&B sales were RMB1,170.53 billion and RMB116.06 billion, respectively.

• In Q4/2024, six new projects entered the Beijing retail market, including four shopping malls with 420,000 sqm of retail space. The other two were a renovation project in Daxing District and an affiliated retail space of three cultural buildings in Tongzhou District.

• In 2024, 14 new projects opened in Beijing retail market, most of which were located in sub-prime and suburban markets. The total new retail supply reached 1.36 million sqm, of which 1.21 million sqm was shopping malls.

• By the end of Q4/2024, the citywide shopping mall stock reached 12.97 million sqm.

• Due to the new supply and upgrades of existing projects, the citywide shopping mall vacancy rate edged up 0.1 percentage points (ppts) quarter-on-quarter (QoQ) to 4.8%.

• In Q4/2024, citywide shopping mall first-floor rents stood at RMB780 psm pmth, down 0.7% QoQ.

• Prime first-floor rents stood at an average of RMB1,386.3 psm pmth, up 0.5% QoQ. Non-prime first-floor rents decreased by 0.2% QoQ to RMB592.9 psm pmth.