“Beijing’s retail market has remained broadly stable under policy support. Consumption upgrading continues to drive activity, while the first-store economy and the integration of commerce, tourism, culture and sports are becoming key drivers of market renewal.” —— Vincent Li, RESEARCH



Transformation and Upgrading Continue

•Retail sales totalled RMB240.3 billion in the first two months of 2026, down 0.3% YoY. Goods retail sales and F&B revenue were RMB219.4 billion and RMB20.9 billion, respectively.

•No new retail projects were completed in Q1/2026, with total prime retail stock stable at 13.88 million sqm.

•The first-store economy continued to gain traction, supporting tenant demand in core retail districts.

•Citywide shopping mall vacancy rates increased by 0.2 percentage points in Q1/2026 to 7.1%, partly reflecting disruption from large-scale refurbishment in several projects.

•Citywide shopping mall first-floor rents fell 0.2% QoQ to an average of RMB744.6 psm pmth. Prime first-floor rents were RMB1,271.7 psm pmth (flat QoQ), while non-prime rents averaged RMB561.0 psm pmth (-0.5% QoQ).

•Limited new supply in the near term is expected to keep overall market conditions relatively stable.