“Continuous upgrade of the consumption scene is of great significance for improving the project’s space and service quality, and an effective way to ultimately enhance the project’s comprehensive competitiveness.”

SOPHY PAN, SAVILLS RESEARCH



The popularity of urban tourism continues to rise

• From January to August 2024, retail sales of social consumer goods in the city reached RMB1.03 trillion, up 3.8% YoY.

• By consumption type, from January to August 2024, the city’s retail sales of goods increased by 2.6% YoY, and catering sector’s revenue increased by 10.9%.

• In Q3/2024, Chongqing’s retail property market recorded no new projects. Citywide high-quality retail stock was 8.1 million sqm (including department stores).

• The quarter’s consumption release was slower than expected. The overall retail market vacancy rate rose to 21% due to factors such as anchor stores’ withdrawal from some projects.

• The city’s overall average first-floor rent QoQ edged down to RMB373.2 psq pmth.

• General retail still topped with over 47% of total new leasing, with outdoor sports and beauty products continuing to have active demand.