ECONOMIC OVERVIEW

Total retail sales grew 2.5% year-on-year (YoY) to RMB1,047.15 billion in the first nine months of 2023, with general retail and F&B sales up 0.4% YoY and 28.1% YoY to RMB948.62 billion and RMB98.53 billion, respectively. Beijing retail market recovered very quickly since the beginning of 2023. The market witnessed a significant rebound in footfall as a result of the entry of numerous high-quality shopping malls. Beijing retail market has completely shaken off the difficulties from the pandemic in the past three years and resumed its normal operations.

SUPPLY AND STOCK

A total of 12 new projects were launched in the first three quarters of 2023 in non-prime and suburban submarkets in the Beijing retail market. Total shopping mall stock reached 12.08 million sq m, while total department store stock remained at 2.1 million sq m by the end of Q3/2023. The new shopping mall projects were:

• In Q2/2023, The Box Chaowai upgraded from Kuntai International Building in Chaoyang District, bringing 60,000 sq m of retail space to the market.
• Other new shopping malls in Chaoyang District were Huiduo Mall (debuted in Q2), City Park, Paradise Walk Beiyuan and Dongba Wanda Plaza (debuted in Q3) contributing around 511,800 sq m of retail GFA to the market.
• Xisanqi MixC located in Haidian District launched into the retail market in Q2, adding 130,000 sq m of retail space.
• In Q3/2023, Wukesong Wanda Plaza in Haidian District, the largest urban renewal retail project in Beijing, brought over 314,000 sq m retail space to the market.
• Beijing Jingxi Joy City in Shijingshan District as the third Joy City in the city brought 110,000 sq m space to the market in Q2/2023. 
• Grand Canal Place, a new shopping hotspot in Tongzhou, opened in Q2 and brought 100,000 sq m.