“Beijing’s retail market continued to prioritize project upgrades and renovations, propelling the market into a new phase. Enhanced quality of newly launched projects, coupled with the Spring Festival holidays and consumptionboosting activities, sustained strong retail enthusiasm in early 2025.”

VINCENT LI, SAVILLS RESEARCH



Ongoing upgrades and expansions

• Total retail sales of consumer goods decreased 0.1% yearon-year (YoY) to RMB241 billion in the first two months of 2025, whilst general retail and F&B sales were RMB219.26 billion and RMB21.74 billion, respectively.

• In Q1/2025, two new projects entered the Beijing retail market, including Daxing Xin Chen Place South Zone and Changping Hopson West Zone. The two renovated projects brought a total of 210,000 sqm retail space.

• By the end of Q1/2025, the citywide shopping mall stock reached 13.22 million sqm.

• Mostly due to the retail projects’ upgrades and renovations, the citywide shopping mall vacancy rate edged up 1.2 percentage points (ppts) quarter-on-quarter (QoQ) to 6.0%.

• In Q1/2025, citywide shopping mall first-floor rents stood at RMB767.8 psm pmth, down 1.1% QoQ.

• Meanwhile, prime first-floor rents stood at an average of RMB1,370 psm pmth, down 0.9% QoQ. Non-prime first-floor rents decreased by 0.4% QoQ to RMB577.6 psm pmth.