“As a result of several waves of supply peak in the past ten years, Chongqing‘s shopping malls stock has been consistently rising. Despite the diversification of retail projects, competition between existing projects has intensified, and the absorption of retail space is becoming a major challenge for the market.”

SOPHY PAN, SAVILLS RESEARCH



Outdoor sports brands’ demand stays stable

• Retail sales of consumer goods in Chongqing reached RMB680.4 billion from January 2025 to May 2025, up 4.7% year-on-year (YoY).

• No new shopping mall opened in 1H/2025. While Bailian Nan’an Shanghaicheng closed temporarily for adjustment, Chongqing market’s total stock decreased.

• Existing projects’ renovation brought vitality to the market. Citywide average vacancy rate of shopping malls declined 0.2 percentage points (ppts) YoY to 20.1% in Q2/2025.

• Outdoor sports brands’ demand remained stable. Longfor Chongqing North Paradise Walk (phase B) launched first stores of several famous international sports brands after reopening.

• Consumption promotion policies helped keep demand of electronical products and New Energy Vehicles (NEV) active.

• In Q2/2025, shopping malls’ first-floor average rent reached about RMB 340 per sqm per month, down by 4.2% YoY.

• Several projects including The Ring Garden City and Longxing Paradise Walk are expected to open in 2H/2025, which may weigh on the market’s demand side.