“Guangzhou in Q4/2025 will hold China’s 15th National Games, which is expected to draw a significant amount of visitors, benefiting many retail sectors and their sales revenues in the city.”

CARLBY XIE, SAVILLS RESEARCH



F&B brand mix upgrade

• One new shopping centre was launched in Q3/2025, adding 81,000 sqm of retail space to the market. The citywide stock increased by 0.8% QoQ to 7.70 million sqm by end-Q3/2025.

• Benchmarking properties introduced more sports & outdoors and emerging Chinese fashion brands in response to young generations’ evolving shopping preferences.

• F&B brand-mix upgrade is accelerated with more newly established F&B brands or new sub-brands from existing large-scale F&B retailers entering or expanding in Guangzhou.

• Several shopping centres recorded over 5 ppts QoQ increase in vacancy rates as a result of anchor/sub-anchor store adjustments, primarily in the fast fashion and general merchandise store sectors.

• Citywide average vacancy rate increased by 0.1 ppt QoQ and 0.6 ppt YoY to 12.8% at the end of Q3/2025.

• Rents remained broadly unchanged relative to Q2/2025, but a few projects commissioned well-known shopping centre managers to operate that led to 0.1% QoQ increase in the citywide rental index. The citywide average rent stood at RMB614.5 psm per month by quarter end.

• Three new shopping centres, mostly concentrated in secondary prime areas such as Huangpu and Zengcheng, are scheduled to launch in Q4/2025, expanding the citywide stock by 5.5% YoY.