2022-05-11-第一太平戴维斯-上海零售_2022年第一季度_2页_2mb

Shanghai Retail Market Summary - Q1 2022

Market Activity and Economic Context

• Retail market activity slowed in Q1 2022, partly due to the local COVID-19 outbreak in Shanghai.
• Economic data shows a 3.7% year-on-year increase in retail turnover for January-February 2022, with wholesale and retail growing by 3.4% and accommodation and food services by 7.0%.

Supply and Stock

• No new retail supply entered the market in Q1 2022.
• Outer-ring shopping center and department store stock remained at 1,484,000 square meters.

Vacancy and Leases

• Vacancy rates increased to 8.7% city-wide, with core districts at 6.8% and non-core at 9.2%.
• New lease demand emphasized personal care, lifestyle, and culinary categories, with some large brands like Zara closing stores, but new brands such as Blue Bottle and local chains emerging.

Rental Rates

• Average floor rent stabilized at RMB 26.5 per square meter per day, up 1.2% year-on-year.
• Core areas saw rates of RMB 50.7 daily, non-core at RMB 16.4, both rising slightly.

Market Outlook

• Short-term impact from COVID-19 lockdowns led to expected decreases in rents and occupancy for affected malls.
• Recovery will depend on regional variations in outbreak severity and reopening pace; new supply delays may affect future openings.