“In addition to the continued low level of new supply, Chengdu’s large population base—coupled with sustained net inflows—remains the strongest underpinning for the city’s consumer market.” —— Sophy Pan, Savills Research 

Supply Hits a Historic Low

• Chengdu’s total retail sales of consumer goods reached RMB1,034.86 billion from January to November 2025, representing 6.1% YoY growth.

• Only one new shopping mall opened in Chengdu during 2025, bringing total shopping-mall stock to approximately 7.95 million sqm.

• Leasing conditions remained broadly stable throughout the year, with the average shopping-mall vacancy rate edging down to 10.2%.

• Shopping-mall rents continued to soften, with first-floor average rents declining by around 2.4% YoY.

• Intensifying market competition accelerated the repositioning of existing assets, with several schemes undergoing operational restructuring and re-opening during the year.

• Tenant demand remained resilient, as sports brands stayed active, ACGN-related brands continued to expand, and consumer electronics and home appliance brands maintained a steady contribution to new leasing.

• First store brand entries remained active, while established brands upgraded stores, enhanced service experiences, and rolled out super-flagship concepts.