Beijing retail

"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."

"Despite the challenges of increasing vacancies and rental adjustments, new retail projects along with the existing stock upgrade promoted the ongoing retail supply structure optimization, which lays a solid foundation for the market’s quality improvement in the future."

"Beijing’s retail market experienced an accelerated upgrade in the first half of 2025. Multiple urban renewal projects were launched, driving consumption scenario improvement and reshaping the consumption value. Park-style retail performed strongly in the quarter, while the integration of trendy international brands with traditional IPs further redefined consumption models."

"Beijing retail market welcomed six new projects in Q4/2024, whilst several existing projects started renovation, which brought new development momentum into the market. Fourteen retail projects were launched throughout 2024, and consumption-promoting activities were also rolled out year-round, actively innovating and breaking traditional boundaries to diversify business formats, aiming to attract footfalls and drive consumption growth."

"Four new shopping centres were opened in Q3/2024, located in non-prime and suburban areas. Their unique characteristics stimulated consumer activity. Additionally, the Beijing municipal government organized a variety of promotional activities covering shopping, dining, culture and tourism for improved consumption and experience."

"In Q2/2024, Beijing’s retail market remains robust. Three new projects were launched in the quarter and enriched consumers’ shopping options. Major shopping malls continued to adjust and upgrade their brand portfolios, while the Beijing government introduced multiple policies to stimulate consumption and enhance market vitality. Overall, 2024 saw steady growth in Beijing’s retail market, supported by economic recovery and the upgrades in new and existing retail projects."