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Chengdu | 2022 Q3 | RETAIL: New malls delayed and first store economy further develops

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20221019 retail

Chengdu | 2022 Q3 | RETAIL: New malls delayed and first store economy further develops

Dear Valued Client´╝î

• Affected by the resurgence of Covid and sporadic power rationing, Chengdu’s economic activity slowed in August and September, prompting a decreasing retail net absorption of −118,400 sq m (−1.3 mil sq ft). Meanwhile, there was no new supply in Q3 with the supply being delayed. Therefore, city wide vacancy increased 1.3pps QOQ to 11.4%, and the average ground floor rent decreased 0.3% QOQ to RMB364.1 (USD51.3) per sq m per month.

• In the Chunyan submarket, we recorded many brands opening their first nationwide stores. In addition, we see more smart home brands entering malls. With Chengdu’s retail supply peak in 2022 2023, brands have a wide variety of property choices, and we recommend brands should look in Chengdu’s southwest to expand.


20221019 retail 1

Chengdu | 2022 Q3 | RETAIL: New malls delayed and first store economy further develops

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