ECONOMIC OVERVIEW

Total retail sales declined 1.3% year-on-year (YoY) to RMB1,159 billion in the first ten months of 2024, while general retail and F&B sales fell 0.9% YoY and 5.2% YoY to RMB1,053.26 billion and RMB105.75 billion, respectively. Beijing retail market displays a complicated dynamic in 2024. Despite insufficient growth momentum for total retail sales, the market’s trend of consumption upgrade has stepped into a new phase, seeing plenty of new projects with diverse formats. The citywide vacancy rates are declining. Meanwhile, the local government continues to provide multiple supporting policies and the market is operating relatively stable this year.