“Beijing’s retail market experienced an accelerated upgrade in the first half of 2025. Multiple urban renewal projects were launched, driving consumption scenario improvement and reshaping the consumption value. Park-style retail performed strongly in the quarter, while the integration of trendy international brands with traditional IPs further redefined consumption models.”

JAMES MACDONALD, SAVILLS RESEARCH



Beijing retail market continues to upgrade

• Total retail sales of consumer goods decreased 3.1% year-on-year (YoY) to RMB560.7 billion in the first five months of 2025, whilst general retail and F&B sales were RMB505.1 billion and RMB55.6 billion, respectively.

• In Q2/2025, four new projects entered the Beijing retail market, including Zhongguancun Art Park (West Zone) in Haidian District, China Overseas Daji Xiang in Xicheng District, JD Mall (South 3rd Ring Road) in Fengtai District and JD Mall (Shuangjing) in Chaoyang District, collectively bringing 408,000 sqm of retail space to the market.

• By the end of Q2/2025, the citywide shopping mall stock reached 13.63 million sqm.

• The citywide shopping mall vacancy rate increased 1.0 percentage point (ppt) quarter-on-quarter (QoQ) to 7.0% due to new supply.

• In Q2/2025, citywide shopping mall first-floor rents stood at RMB758.5 psm pmth, down 1.2% QoQ.

• Prime first-floor rents stood at an average of RMB1,308.5 psm pmth, flat QoQ. Non-prime first-floor rents decreased by 2.0% QoQ to RMB566.9 psm pmth.