“At the beginning of 2025, the Tianjin government rolled out a series of favorable policies to boost consumption, especially in the cultural tourism and F&B sectors. With the integration of culture and commerce, the characteristic commercial streets and iconic commercial districts have upgraded with experiential scenarios to support the growth of brick-and-mortar retail.”

VINCENT LI, SAVILLS RESEARCH



Experiential consumption gains popularity

• Total retail sales in Tianjin decreased 2.9% year-on-year (YoY) in the first two months of 2024. 

• No new projects entered the Tianjin retail market. The total stock stood at 6.5 million sqm GFA by quarter-end.

• Citywide vacancy rate remained flat quarter-on-quarter (QoQ) at 10.7%, up 0.1 percentage points (ppts) YoY.

• Citywide shopping mall first-floor rents fell 1.4% QoQ and 5.7% YoY to an average of RMB294.8 psm pmth.

• Outdoor sports and healthy lifestyle brands have become increasingly active and accelerated store expansion.

• China Duty Free Group selected Tianjin Yanlord Isetan for its downtown duty-free store project, themed “Shopping Museum”, aiming to create a new landmark for consumer experience.

• Yonghui Supermarket’s first “DL model” upgraded store in SM City Plaza boosted daily footfall by 73.5% YoY during the Chinese New Year holidays.