“In Q4/2024, Tianjin retail market accelerated its brand mix adjustment. Projects introduced cross-sector interaction makes new business formats that elevate the market performance.”

VINCENT LI, SAVILLS RESEARCH



Brands actively adjust layouts

• Total retail sales in Tianjin decreased 2.5% year-on-year (YoY) in the first eleven months of 2024. 

• No new projects entered the Tianjin retail market, and the stock remained at 5 million sqm GFA by quarter-end.

• Citywide vacancy rate fell 0.1 percentage points (ppts) quarter-on-quarter (QoQ) to 10.7%, down 1.6 ppts YoY.

• Citywide shopping mall first-floor rents fell 0.3% QoQ and down 4.5% YoY to an average of RMB297.3 psm pmth.

• From January to November 2024, Tianjin received a total of 245.89 million domestic tourist visits, up 12% YoY. Domestic tourist spending reached RMB 275.1 billion, a year-on-year increase of 33%.

• Looking ahead to 2025, Tianjin’s retail market is expected to focus on urban renewal projects, with no new shopping centres scheduled to enter the market.

• The development of cultural and tourism industries, especially the integration of commerce, tourism, culture, and sports within the Beijing-Tianjin-Hebei region’s distinctive consumption ecosystem, is anticipated to play a crucial role in enhancing Tianjin’s overall retail market.