“Retail supply is expected to remain limited in H2/2026, supporting further market absorption and a continued decline in the vacancy rate. Existing shopping centres will continue to focus on refurbishment, tenant mix upgrades and differentiated retail experiences to attract consumers." ---- Sophy Pan, Savills Research



Supply Remains Limited

• No new shopping malls opened in urban Chengdu in H1/2026, extending the slowdown in new supply.

• Shopping centre operators continued to optimise their tenant mix and operations, reducing the average vacancy rate by 1.3 ppts YoY to 9.0%.

• Fresh snack chains and discount retailers continued to expand, reflecting growing demand for value-oriented retail.

• Leisure, entertainment and child-related uses remained active, with indoor ocean-themed attractions also opening in shopping centres.

• Growing interest in sustainable consumption supported the expansion of second-hand retail and the circular economy.

• Chengdu continued to attract regional first stores from domestic and international brands, reinforcing its position as a leading retail destination in western China.