Shopping mall foot traffic dropped significantly during the pandemic. With pandemic control measures becoming the norm, foot traffic has gradually recovered from Q3 2020, basically returning to pre-pandemic levels.
Although foot traffic has gradually returned to normal and more projects have opened since Q3 2020, overall vacancy still increased significantly in 2020. After the end of lockdowns in Q2 2020, the Beijing Government issued consumer vouchers to citizens and promoted online and offline integration to stimulate consumption. In terms of brands, fresh food, sports and fitness, and new energy vehicles have achieved contrarian growth since Q3 2020. Wangfujing Commercial District, Scitech Shopping Center, Fuchengmen BHG were some of the upgraded in 2020.