“Consumers will still have to keep their purses tight but are still willing to spend and invest in retail products with quality and price excellence, emotional value, and self-entertaining experience.”

CARLBY XIE, SAVILLS RESEARCH



Market stable in 1H/2025

• There was only one new shopping centre completed and launched onto the market in Q2/2025, adding approximately 136,000 sqm of retail space to the stock.

• The total stock of the Guangzhou retail property market increased by 1.0% QoQ to 7.63 million sqm by the end of 1H/2025.

• Key leasing demand generators included F&B, fashion, cosmetics and accessories, lifestyle, pet services, sports and outdoor during 1H/2025.

• To increase footfalls at shopping centres, landlords have tried varying marketing campaigns with diversified themes, such as ACG and anime IP related pop-ups and some featuring celebrity figures and KOLs (Key Opinion Leaders).

• The citywide average vacancy rate of the Guangzhou retail property market decreased by 0.2 ppt QoQ but increased by 0.1 ppt YoY to 12.7% by the end of Q2/2025.

• The citywide average rent remained flat on a rental index basis, resting at RMB619.1 psm per month by the end of Q2/2025.

• The outlook for the Guangzhou retail property market is expected to remain stable in 2H/2025.