“In Q2/2024, Beijing’s retail market remains robust. Three new projects were launched in the quarter and enriched consumers’ shopping options. Major shopping malls continued to adjust and upgrade their brand portfolios, while the Beijing government introduced multiple policies to stimulate consumption and enhance market vitality. Overall, 2024 saw steady growth in Beijing’s retail market, supported by economic recovery and the upgrades in new and existing retail projects.”

VINCENT LI, SAVILLS RESEARCH



Diversified consumer choices boost market vitality.

• Total retail sales of commercial goods increased 1% yearon-year (YoY) to RMB576.9 billion in the first five months of 2024, whilst general retail and F&B sales were RMB523.9 billion and RMB53.1 billion, respectively.

• In Q2/2024, three new projects entered the Beijing retail market, bringing 421,000 sqm of retail space. Thus, the citywide shopping mall stock reached 12.23 million sqm.

• In the quarter, shopping malls continued to accelerate brand recruitment and upgrade their brand portfolio, keeping the citywide shopping mall vacancy rate at a relatively low level of 4.6%.

• In Q2/2024, citywide shopping mall first-floor rents stood at RMB801.3 psm pmth, down 1.3% quarter-on-quarter (QoQ).

• Prime first-floor rents stood at an average of RMB1,373.6 psm pmth, up 0.7% QoQ. Non-prime first-floor rents decreased 1.9% QoQ to RMB605.2 psm pmth.