“Shenzhen saw an eight-year high in new retail supply in 2025, yet vacancy remained low. Strong pre-leasing and proactive asset management helped landlords navigate changing consumer preferences.” —— Carlby Xie, Savills Research

New supply reshapes the market

• Several leading retail developer-operators entered Shenzhen in 2025, launching new, high-quality schemes and reinforcing the city’s appeal to new brands and shoppers from neighbouring cities.

• Six new shopping centres opened in 2025, adding around 825,000 sqm of retail GFA and lifting total stock 11.2% YoY to around 8.2 million sqm by YE2025.

• Most retailers remained cautious on expansion and new store openings, but many still competed for prime space in quality malls despite firmer rents and tighter lease terms.

• Leasing demand was led by F&B, home & lifestyle, and sports & outdoor brands, reflecting a continued shift towards experience-led and lifestyle-driven consumption.

• The citywide vacancy rate fell by 0.2 ppts in Q4/2025 to 6.6% down 0.8 ppts YoY.

• First-floor rents rose 0.6% YoY in Q4/2025 to an average of RMB520.5 psm pmth.

• Another six shopping centres are scheduled for completion in 2026, adding around 409,000 sqm in Nanshan, Futian and Luohu, with limited impact expected on citywide vacancy and rents.