Q4 2020 Beijing Retail Sector (Market Beat-Cushman & Wakefield)

Five new high-profile retail projects completed in Q4: Wanda Plaza in Yanqing District, Joy Breeze in Daxing District, Beijing Fun Capital Wanda Plaza in Changping District, Beijing Shuangqiao Wanda Plaza, and Beiyuan Huamao Place (West Zone) in Chaoyang District. They added a combined 506,452 sq m of space, bringing total shopping mall supply to 12.6 million sq m, accounting for 87% of the city’s retail stock. The market continued to recover from the impacts of the pandemic in 2H, supported by initiatives from the government, developers and brands. A government-issued shopping voucher campaign, launched in June, together with shopping season promotions, have been key drivers in reviving consumer activity. New store openings rose significantly, led by F&B and fashion sectors, with several fashion brand first stores in the preferred Sanlitun and CBD submarkets. High-end sports brand Descente opened China’s first Descente Blanc flagship store at Takoo Li in Sanlitun, while Kilian launched a Beijing first store at Beijing SKP in the CBD. In Q4 Zara opened the doors to a new Asia flagship store, a four-storey standalone building in Wangfujing submarket of more than 3,500 sq m.