“As consumer preferences continue to evolve, shopping centres are investing in better brands and experiences to attract footfall and encourage repeat visits.” - Vincent Li, Savills Research.



Retail Upgrades Drive Growth

• Retail sales totalled RMB546.9 billion in the first five months of 2026, down 2.5% YoY. Goods retail sales and F&B revenue totalled RMB494.3 billion and RMB52.6 billion, respectively.

• Two new retail projects were completed in Q2/2026, bringing total prime shopping mall stock to 13.98 million sqm.

• The citywide shopping mall vacancy rate rose 0.4 ppts QoQ to 7.5%, mainly due to new supply and refurbishment works at existing shopping malls.

• Shopping mall first-floor rents fell 0.8% QoQ to an average of RMB738.8 psm pmth.

• Prime first-floor rents fell 0.1% QoQ to RMB1,270.0 psm pmth, while non-prime first-floor rents fell 0.4% QoQ to RMB558.9 psm pmth.