"Pudong’s year-end reversal in the rising vacancy trend has been encouraging, but weaker performance in certain parts of Puxi continues to weigh on overall net absorption."

"Shanghai’s retail scene is undergoing a quiet transformation. Rather than pursuing endless expansion, major brands are consolidating into flagship locations that can better express identity and experience. These core sites are becoming stages for brand reinvention and storytelling."

"The younger generation of shoppers today are looking for more than just products—they want experiences that make them feel good and reflect their identity. Brands that can create emotional connections are more likely to stand out, build lasting loyalty, and drive repeat purchases, even in the current market. "

"While new projects are taking longer to lease, improving consumer sentiment and brand innovation are laying the foundations for a stronger recovery."

"Amid macroeconomic pressures, consumers are spending more cautiously, prioritising value for money. Cross-category integration is a key focus, requiring new projects to align with market demand and testing the leasing capabilities of operational teams."

"Despite macroeconomic challenges, numerous brands are showing resilience by expanding and adapting to market changes. Key growth opportunities are emerging in niche subcategories, highlighting the resilience and potential within the sector."

"Footfall numbers continue to improve, but expenditure and retailers’confidence is lagging."